Singapore has introduced the Anti-Money Laundering and Other Matters Bill in Parliament to strengthen its financial crime prevention measures.
Currently, proving ML offences requires demonstrating a direct link between criminal conduct and laundered funds in Singapore. The bill proposes shifting this burden by requiring the prosecution to show thatThe bill also aims to designate foreign environmental crimes, such as illegal mining, waste trafficking and logging, as predicate offences under Singapore's laws, enabling LEAs to investigate associated ML cases.
Moreover, clearer processes are proposed for managing seized or restrained properties linked to criminal activities, including provisions for their sale to mitigate maintenance costs and preserve asset value.