Money laundering laws in Singapore are extremely firm and tough, as they should be. These are some of the strongest legal frameworks in the world, and that is for a good reason.

Singapore is a leading financial marketplace, and naturally, the tension arises—what about the illegal work? What happens when people evade taxes, or there is money laundering? How do criminal lawyers and law firms in Singapore deal with these?

Whether you are a businessman, a financial expert, or just curious about how the legal framework for monetary laws works, we are here to entertain your spirit of inquiry. In this blog, we will give you a breakdown analysis of the money laundering laws in Singapore and how the right criminal defence attorney can save you from so much legal trouble.

Let's not waste any time and get into this, shall we?

Money laundering laws in Singapore: Legal Insights 101

The Regulatory Bodies

  • The Monetary Authority of Singapore (MAS) is the regulatory financial body and the central bank of Singapore. It focuses on supervising and licensing the financial institutions of the country, like banks, insurance companies, brokerage firms, and many such institutions.
  • There are other provisions also. The Council of Estate Agents oversees real estate agencies, and corporate service providers are regulated by the Accounting and Corporate Regulatory Authority.
  • The Suspicious Transaction Reporting Office (STRO) and the Commercial Affairs Department (CAD) also supervise transaction and money laundering offences, respectively.

The Money Laundering Laws in Singapore: AML

What is money laundering?

This is the process of concealing or hiding the real source from which you obtained your funds, which were derived from an illegal source.

Key AML Laws

  • AML stands for anti-money laundering laws. The main AML regulation in Singapore is CDSA. This is the Corruption, Drug, Trafficking, and Other Serious Crimes Act 1992.
  • It serves the purpose of confiscating the proceeds and benefits obtained from illicit activities like money laundering, drug cartels, trafficking, etc.
  • The act defines the roles of government officials in the whole ordeal of confiscation. There are 6 types of money laundering offences under CDSA. So, the penalties are fines and/or imprisonment, depending on the level of conviction you are charged with.
  • Singapore introduced the Anti-Money Laundering and Other Matters Act in November 2004. This was done to reinforce the jurisdiction of law enforcement agencies on the prosecution of money laundering offences.
  • The National Anti-Money Laundering Strategy was published in October 2024, outlining the country's approach to dealing with money laundering issues.
  • The Terrorism (Suppression of Financing) Act (TSOFA) works for the prevention of financial terrorism and criminalises the collection of money that is under the threat of being involved in terrorism.
  • Money laundering is also dealt with under the penal code. It addressed any activity related to fraud, corruption, and criminal breach of trust.

All regulatory bodies of Singapore ensure the legal compliance of every body/individual with the AML. AML is enforced globally by regulators like MAS through various compliance programs.

Final Thoughts

Being an informed citizen is your duty, so knowing what the financial laws of your country are is very important. Be sure you comply with every guideline of MAS, whether you are a businessman or an individual; it is your responsibility as a law-abiding citizen.

Be sure you are equipped and backed by an excellent law firm in Singapore that ensures your rights are safe. For the best Singapore lawyers, contact Bishop Law. We offer experienced and capable lawyers who ensure that you receive justice. We assure you that we will diligently assess your case and do our best for your rights.

Want to learn more? Contact us now!

Disclaimer: The information provided in this content is just for educational purposes and is written by a professional writer. Consult us to know more about money laundering.