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WHITE COLLAR CRIME TAKES CENTER STAGE IN SINGAPORE: UNDERSTANDING THE LATEST DEVELOPMENTS AND CONSEQUENCES

In recent times, the Singapore authorities have stepped up their efforts to combat white collar crime, leveraging cutting-edge technology to identify and prosecute even the most complex cases. But what exactly is white collar crime, and how does it manifest in the Lion City?

Understanding White Collar Crime in Singapore

Under Singapore law, white collar crimes are characterized by deceit, concealment, or violation of trust and are financially motivated. They are typically committed by businesses or government professionals. As such, it is crucial for all Singaporeans, especially those in the business or government sector, to understand what constitutes white collar crime.

Common Types of White Collar Crimes in Singapore

In this article, we will delve into the three most common types of white collar crimes in Singapore: embezzlement, forgery, and money laundering.

Embezzlement on the Rise

Embezzlement refers to the theft of property that one possesses but does not own. This can occur when an individual entrusted with the property uses it dishonestly for personal gain. A recent high-profile case involved a former Shell employee who pleaded guilty to embezzling $49 million worth of misappropriated gas oil between 2017 and 2018.

Consequences of Embezzlement

If caught, individuals accused of embezzlement may face:

Imprisonment of up to seven years under the Criminal Breach of Trust (CBT) offense.
For aggravated CBT cases involving public servants, bankers, or agents, the prison sentence can be as long as 20 years.

Forgery and the Law

Forgery involves falsifying documents, signatures, or commodities for the purposes of deception. In Singapore, forgery is governed by Section 463 of the Penal Code, which requires that a person charged with forgery must have created the false document for the purpose of fraud.

Examples of Forgery Cases

The scope of forgery cases can vary widely, from:

Oil tycoon Lim Oon Kuin’s US$56 million defrauded through falsified contracts
Two men who were charged with cheating the government of COVID-19 support grants using fake retrenchment letters

Consequences of Forgery

If found guilty of forgery, individuals may face:

Imprisonment of up to four years or a fine.

Money Laundering Exposed

Money laundering refers to the process of using deception to make money obtained from illicit activities appear legitimate. There are four types of money laundering offenses punishable under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act:

Types of Money Laundering Offenses

Criminals laundering their own money: When an individual uses “dirty” money to purchase legitimate assets like property, then attempts to convert, transfer, or remove the property from Singapore.
An individual who benefits from the criminal activities: If a person purchases property that they know or have grounds to believe was acquired by “dirty” funds, they may also be prosecuted for money laundering.
Abetment of money laundering: A person who deliberately conceals or disguises property or removes it from Singapore despite knowing or suspecting that it was acquired by “dirty” funds is liable to money laundering charges.
Someone who participates in it with the headman: Entering into an arrangement or agreement to obtain control or retention of the “dirty” property also makes one liable for money laundering.

Consequences of Money Laundering

If caught, individuals accused of money laundering may face:

Imprisonment of up to ten years
A fine of up to $500,000
Both imprisonment and a fine

Help! I’ve Been Falsely Accused of a White Collar Crime

If you have been falsely accused of a white collar crime, it is essential to seek legal advice immediately. Our team of corporate, commercial, and criminal lawyers in Singapore are committed to putting your interests first and working towards the best possible outcome for your case.