The Singapore Parliament has approved a Bill that allows courts to address properties associated with suspected criminal activities more effectively. More details about the Anti-Money Laundering and Other Matters Bill The Anti-Money Laundering and Other Matters Bill aims to upgrade the regulations for casino operators concerning customer due diligence checks when transactions take place.

Due diligence checks for casinos on single cash transactions or deposits over USD 3,013 have been lowered from higher thresholds. A representative from the Minister for Home Affairs highlighted the necessity of these measures, as approximately USD 2 trillion to USD 3 trillion of illicit proceeds flow through the global financial system annually, according to Verafim. The Bill allows courts to order the sale of seized properties without all parties' consent under certain conditions, such as property value depreciation or high maintenance costs.

This aims to reduce maintenance costs and preserve property value. It also addresses cases where suspects evade justice by staying outside Singapore. Revisions to the Bill now mandate that the absconded individual must first report to a law enforcement officer to aid in inquiries before claiming any seized property.

Moreover, government bodies like the Inland Revenue Authority of Singapore (IRAS) and Singapore Customs will have the authority to exchange tax and trade information with the Suspicious Transaction Reporting Office, which serves as Singapore's financial intelligence unit. The Bill will help the process of addressing money laundering offences. Prosecution will no longer be required to demonstrate that money laundering in Singapore resulted from criminal activities or provide a comprehensive trial.

Lastly, foreign environmental crimes like illegal mining, waste trafficking, and logging will be considered money laundering predicate offenses. Singapore previously did not view these as serious crimes domestically. With this change, law enforcement can investigate money laundering linked to such environmental crimes committed abroad.

Why is this Bill important? This Bill is important because it offers authorities the tools to combat money launderers who are using innovative methods to evade detection by leveraging technology. International anti-money laundering regulations, such as those by the FATF, also have been upgraded to combat these activities. Members of Parliament supported the Bill but raised concerns about heightened data sharing between government agencies, impacts on local casino operators, and Singapore's reputation.

A representative from the Minister for Home Affairs responded that STRO has the legal protections and information security measures in position to prevent unauthorised data access. .