Singapore beefs up AML laws

Singapore‘s parliament has announced a series of amendments to anti-money laundering legislation in the city state with the aim of increasing FCA - Singaporeconvictions.

The government raised the maximum sentence for money laundering convictions from seven to ten years and gave prosecutors the power to seize assets worth the equivalent of the proceeds of crime gained. This could mean that if a guilty party has disposed of the criminal gains, the courts could take the same amount from his or her other, perhaps non-criminally acquired, assets.

Source – Straits Times

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