Two men, aged 24 and 34, will be charged in court on 13 April 2022 for their suspected involvement in offences related to assisting another to retain benefits from criminal conduct and handling of benefits of criminal conduct.

Sometime in November 2018, the Police received information that criminal proceeds arising from overseas investment fraud were credited into corporate and personal bank accounts in Singapore. The personal bank account had received criminal proceeds amounting to about $300,000. Preliminary investigations revealed that the 24-year-old man had allegedly opened a personal bank account but relinquished control of the account in return for a commission despite having reasons to believe it would be used to retain another person’s criminal benefits. The 24-year-old man was thereby charged with one count under section 44 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act Chapter 65A.

It was further revealed that some of the criminal proceeds in the personal account were purportedly withdrawn by the 34-year-old man, who came into possession of the 24-year-old man’s debit card even though they were not acquainted. He had allegedly withdrawn $22,000 from the personal bank account and handed them to unknown individuals. He had also purportedly withdrawn $5,675 and spent them on luxury items. The monies which he had withdrawn were suspected to be benefits of criminal conduct. He was thereby charged with offences under section 47 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act Chapter 65A.

The Police take a serious stance against any person involved in the laundering of proceeds of crime, and offenders will be dealt with firmly in accordance with the law. To avoid being an accomplice to crimes, members of the public should reject requests from others to register companies and/or open bank accounts, or receive money in their bank accounts, as they will be held accountable if these are linked to criminal activities.

The offence of entering into an arrangement having reason to believe that the retention of benefits of criminal conduct would be facilitated, under Section 44 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act Chapter 65A [1], carries a fine of up to $500,000 and/or a jail term not exceeding 10 years.

The offence of transferring or using property having reason to believe that the property is, or in whole or in part, directly or indirectly, represents another person’s benefits from criminal conduct, under Section 47 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act Chapter 65A [2], carries a fine of up to $500,000 and/or a jail term not exceeding 10 years.

[1] Reclassified under section 51 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992

[2] Reclassified under section 54 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992

Source: Singapore Police Force