In Singapore, money laundering is defined as the process of disguising the origins of illegally obtained funds to make them appear legitimate. It involves a series of activities intended to obscure the true source of the funds, making it difficult to trace them back to their criminal origins. Money laundering is considered a criminal offense under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) and the Terrorism (Suppression of Financing) Act (TSFA).
Under Singaporean law, the following actions are considered money laundering:
- Concealing or Disguising Illicit Funds: Taking steps to hide or mask the origins of funds obtained through criminal activities, making them appear as if they were acquired through legal means.
- Transferring or Removing Illicit Funds: Moving funds to different accounts, locations, or jurisdictions to distance them from their criminal source.
- Acquiring, Possessing, or Using Illicit Funds: Using or acquiring funds that have been obtained illegally with the knowledge that they are proceeds of criminal activities.
- Participating in Illicit Activities to Facilitate Money Laundering: Engaging in or assisting in activities related to money laundering, such as providing false information or documents.
- Acquiring, Possessing, or Using Illicit Property: Similar to funds, this involves acquiring, possessing, or using property that has been obtained through criminal activities.
- Converting or Transferring Illicit Property: Engaging in activities that involve converting or transferring property that has been obtained illegally.
- Knowing or Having Reasonable Grounds to Suspect: Being aware of or having reasonable grounds to suspect that funds or property are connected to criminal activities but still engaging in activities related to them.
- Assisting, Abetting, or Conspiring: Aiding, abetting, or conspiring with others to commit money laundering offenses.
It’s important to note that money laundering is a serious offense in Singapore, and individuals or entities found guilty of money laundering can face significant penalties, including fines, imprisonment, and confiscation of assets.