|
 |
|
Source:
www.mha.gov.sg |
|
Second Reading Speech for the
Corruption, Drug Trafficking and Other Serious Crimes
(Confiscation of Benefits) Act |
|
|
Mr Speaker, Sir, I beg to move that the Bill
be now read a second time. |
|
Sir, in 1999, the Corruption, Drug
Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, or
CDSA, was created with the amalgamation of the Drug Trafficking
(Confiscation of Benefits) Act and the Corruption (Confiscation of
Benefits) Act. |
|
The CDSA is the primary instrument to
criminalise the laundering of benefits derived from corruption, drug
trafficking and other serious crimes, as well as to allow for the
investigation and confiscation of such benefits. |
|
Since 1999, when the Act was first
introduced, the global security climate has undergone significant
changes. |
|
There is an urgent need for us to address
the increasingly complex challenges posed by the abuse of our financial
systems by terrorists and money launderers. |
|
The devastating 9/11 attacks underscores the
urgent need for Governments around the world to implement measures to
suppress terrorist financing as part of the global effort to combat
terrorism. |
|
At the same time, law enforcement agencies
worldwide are combating the financial aspects of crime which have also
become more complex due to rapid advances in technology and the
globalisation of the financial services industry. |
|
To keep pace with these changes, MHA
reviewed the CDSA to update and amend some of the provisions. These
amendments will enable the Commercial Affairs Department or CAD to carry
out its functions more effectively to meet these new and demanding
challenges. |
|
The amendments cover three broad
areas. |
|
First, to enhance our current
anti-money laundering and counter-terrorism financing regime; |
|
second, to enhance anti-money
laundering measures; and third, to augment the Suspicious
Transaction Reporting or STR regime. |
|
At the same time, my Ministry will
also take the opportunity to streamline and regularise our current
ground practices. I will now touch on the key amendments proposed
in this Bill. |
|
Key Amendments |
|
Cash Courier Regime |
|
In 1991, Singapore joined the
Financial Action Task Force on Money Laundering (FATF) to
demonstrate that we are a committed and responsible partner to the
international initiatives to combat crime. FATF is an
inter-Governmental body formed in 1989 by the G-7 to combat money
laundering globally. |
|
In the aftermath of the 9/11 terrorist
attacks, the FATF introduced 9 Special Recommendations to deny
terrorists’ access to the international financial system. |
|
One of these Special Recommendations
introduced in October 2004 requires countries to implement a Cash
Courier regime. After studying the Cash Courier regime implemented
in other FATF member countries such as the United States and
Australia, we are now ready to implement a similar requirement in
Singapore to enhance our counter-terrorism and anti-money
laundering measures. |
|
Clause 11 of the Bill makes it
mandatory for anyone physically carrying currency and bearer
negotiable instruments or CBNI, above S$30,000, into or out of
Singapore, to declare this to the authorities at the checkpoints. |
|
The Declaration forms will be made
available on board planes, ferries and cruise ships entering
Singapore, as well as at locations such as all our checkpoints,
branches of Singapore Post and Neighbourhood Police Centres. |
|
But let me say that the new regime is
not meant to be a form of currency control as travellers are
entitled to bring in or out as much CBNI as they desire so long as
an accurate declaration is made in the appropriate circumstances. |
|
The threshold amount of S$30,000 is
based on the recommendation by the FATF, and includes not only
currency in circulation, but also bearer negotiable instruments
such as travellers cheques, money orders, cheques, bonds and
promissory notes. |
|
A bearer negotiable instrument is one
that allows any person holding any of the
instruments mentioned, to receive the monetary value stated in it. |
|
Hence, anyone who brings in or leaves
Singapore with any instruments that are indorsed without
restriction, or made out to a fictitious payee, or with the
payee’s name omitted, for example, a signed cheque with the amount
filled in but with the payee’s name left blank, or otherwise
payable to order or bearer, must declare it to the ICA officers
before leaving or entering Singapore. |
|
Hence, for clarity, a crossed cheque
made payable to a specific person with the word “bearer” deleted
is not considered a bearer negotiable instrument because only the
person named on the cheque can receive the amount stated on it. |
|
The new measure would be
non-discriminatory and will be imposed on all travellers,
including citizens, residents and foreigners, entering and exiting
the country. |
|
The penalties for non-declaration and
false declaration are a maximum fine of S$50,000 or a term of
imprisonment of up to 3 years or both. |
|
However, I would like to reassure the
House that my Ministry will work with the relevant agencies to
educate the public and all travellers arriving and departing at
our checkpoints before the new law takes effect. |
|
More..... |
|
Source:
www.mha.gov.sg News 19 Sep
2007 |
|
 |
|
Important
Notice |
|
Our FrontPage
Editions are a historical record of our Web site and reflect
the changing of the times, and also of our Web site through
time. We do not and will not update the links and stories on
these FrontPages even if they have become obsolete. |
|
FrontPage Edition: Thu 20 September 2007
All rights reserved
