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Investigating and Prosecuting Criminal Economic Sanctions Offences in Singapore

Singapore has a robust system in place to investigate and prosecute criminal economic sanctions offenses. Here are some key points related to this process.

Investigating Authorities

In Singapore, two key authorities are responsible for investigating white-collar crime, including economic sanctions offenses:

  • Commercial Affairs Department (CAD): A department within the Singapore Police Force that investigates white-collar crime.
  • Monetary Authority of Singapore (MAS): Plays a role in investigating and enforcing sanctions laws.

Prosecution

The prosecution of economic sanctions violations is led by the:

  • Attorney-General: Serves as the Public Prosecutor and directs and controls prosecutions for economic sanctions violations.

Criminal Liability

Both individuals and legal entities can be held criminally liable for violating economic sanctions laws and regulations.

Penalties

The penalties for breaching economic sanctions under Singapore’s laws are severe:

  • United Nations Act (UN Act): Maximum financial penalties of S$500,000 or imprisonment for up to 10 years for individuals. Non-natural persons face a maximum fine of S$1 million.
  • Terrorism (Suppression of Financing) Act (TSOFA): Maximum financial penalties of S$500,000 or imprisonment for up to 10 years for individuals. Non-natural persons face fines twice the value of the property or financial transaction involved.

Civil Penalties

There is no civil penalty regime in place for violating Singapore’s sanctions laws and regulations. However, a Deferred Prosecution Agreement can be entered into between the Public Prosecutor and an individual or entity charged with or considered for prosecution for certain offenses.

Overall, Singapore has a robust system in place to investigate and prosecute criminal economic sanctions violations, with both financial and non-financial penalties available.