Financial Crime World

Crime and Punishment in the Lion City: A Media Overview of Financial Crimes and Their Consequences in Singapore

In the economic powerhouse of Singapore, financial institutions and businesses operate under stringent regulations designed to prevent unethical practices and preserve the integrity of the city-state’s financial system. This article provides an overview of various financial crimes that can occur in Singapore, the regulatory authorities responsible for prevention and enforcement, the investigation process, and potential consequences for non-compliance.

  1. Main types of financial crimes in Singapore:

    • Corporate fraud
    • Bribery and corruption
    • Insider dealing and market abuse
    • Money laundering
    • Terrorist financing
    • Breaches of financial/trade sanctions
    • Failure to maintain proper financial records

  2. Legislation and regulatory bodies addressing these crimes:

    • Penal Code and Companies Act for corporate fraud
    • Prevention of Corruption Act 1960 (PCA) for bribery and corruption
    • Monetary Authority of Singapore (MAS) and Commercial Affairs Department (CAD) for bribery and corruption, insider trading, and money laundering

Corporate Fraud

  1. Corporate fraud offenses and consequences:
    • Theft
    • Breach of trust
    • Forgery
    • Falsification of accounts
    • Penalties: imprisonment and/or fines

Bribery and Corruption

  1. Offenses and consequences under the PCA:
    • Offering, soliciting, accepting, or obtaining improper gratifications to influence official actions
    • Penalties: imprisonment and/or fines for individuals and legal entities

Investigating Authorities and Their Roles

  1. ** Authorities** responsible for investigating, prosecuting, and enforcing laws related to financial crimes in Singapore:
    • Monetary Authority of Singapore (MAS)
    • Commercial Affairs Department (CAD)
    • Attorney-General (AG)

Measures to Protect Individuals and Entities Under Investigation

  1. Measures preserving the integrity of investigatory processes:
    • Voluntariness rule
    • Legal privilege
    • Procedural propriety
    • Possibility of judicial review

Civil Settlements versus Criminal Proceedings

  1. Ability to reach civil settlements:
    • Criminal proceedings take precedence over civil settlements
    • Prosecuting authority may offer to compound the offense with a financial penalty

International Cooperation and Anti-Corruption Conventions

  1. Singapore’s international obligations:
    • Signatory to several anti-corruption conventions
    • United Nations Convention against Corruption
    • United Nations Convention against Transnational Organized Crime
    • Commitment to cooperate with other nations to prevent, investigate, and prosecute corruption and other financial crimes