The Inter-ministerial Committee, established to review Singapore's anti-money laundering regime, will share its full findings and recommendations in the fourth quarter of 2024.

Minister of State for the Ministry of Home Affairs, Sun Xueling, added that the committee will consider the ways criminals may seek to exploit Singapore's systems and make recommendations to ensure that the anti-money laundering regime remains effective.

Sun was answering questions raised by Members of Parliament on Jul. 2, following the sentencing of the tenth and final individual in the S$3 billion money laundering case.

Proportionality of sentencing

Opposition leader Pritam Singh questioned the Ministry of Home Affairs' assessment of the deterrent effect of the anti-money laundering laws.

He cited the public's feedback on the "proportionality" of the sentences meted out to the 10 individuals part of the S$3 billion money laundering case.

Sun responded that the government's role is to consider whether the existing range of sentences is adequate, which was previously dealt with in a written reply on May 8.

Minister for Home Affairs K Shanmugam noted in the reply that the sentences meted out by the Singapore Courts have been comparable to those in other jurisdictions.

"What this S$3 billion case has shown is our system's ability to detect suspicious individuals and activities. And once we become aware of them, we have the resolve and capabilities to track the criminals down," Shanmugam added.

Sun pointed out that the actual sentences, in individual cases, are decided by the courts based on the facts of each case and based on the submission by the prosecution and defence.

"The sentences meted out by the Court for Su [Haijin] and the other Defendants are comparable to sentences imposed in other jurisdictions," said Sun.

10th & final individual sentenced

On Jun. 10, the tenth individual linked to the money laundering case was sentenced to 17 months imprisonment for one count of fraudulently using a forged document and one count of money laundering.

An additional 12 charges were taken into consideration for sentencing.

This individual was the last of the 10 foreign nationals arrested on Aug. 15, 2023, to be sentenced.

The 10 individuals were arrested during a large-scale, island-wide raid conducted by the police in connection with their investigations into a group of foreign nationals suspected of laundering the proceeds of overseas organised crime activities in Singapore.

To date, the value of assets linked to the 10 that were seized and issued with prohibition disposal orders totals more than S$1 billion.

The court ordered that about S$944 million worth of these assets be forfeited to the State.

Investigations are ongoing against 17 other persons in Singapore.

The police will prohibit the disposal and custody of the seized assets associated with these individuals until the court deals with them.

First reading of new anti-money laundering bill

The Anti-Money Laundering and Other Matters Bill was introduced in parliament on Jul. 2.

The new bill will enhance the ability of law enforcement agencies to pursue and prosecute money laundering offences.

It will also clarify and improve our processes to deal with seized or restrained properties linked to suspected criminal activities.

Under the bill, the prosecution would not need to show the direct link between the criminal conduct and the monies allegedly laundered in Singapore.

The bill will also allow law enforcement agencies to investigate money laundering offences if it is suspected that the monies in Singapore were derived from such crimes committed overseas.

Top photos via MCI/YouTube & Facebook/SPF