Yes, money laundering is illegal in Singapore. Money laundering involves the process of making illegally obtained funds appear legitimate by disguising their true origins. The act of money laundering is considered a serious criminal offense in Singapore, and it is punishable by law.
The primary legislation that addresses money laundering in Singapore is the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) and the Terrorism (Suppression of Financing) Act (TSFA). These acts provide the legal framework for preventing, detecting, and prosecuting money laundering and the financing of terrorism within the country.
Entities and individuals covered by these acts, including financial institutions and designated non-financial businesses, are required to implement anti-money laundering measures, conduct customer due diligence, report suspicious transactions, and maintain records. Failure to comply with these obligations can result in penalties, including fines and imprisonment.
Singapore takes money laundering and terrorism financing seriously and has established robust legal and regulatory frameworks to combat these activities. These efforts align with international standards set by organizations like the Financial Action Task Force (FATF) to prevent money laundering and the abuse of the financial system for illicit purposes.
Singapore is a global financial hub and has strict laws against the laundering of illicit funds, with those found guilty of such crimes facing as many as 10 years in prison.