Singapore raises maximum jail term for money laundering

Singapore's parliament passed an amendment to the Corruption, Drug Trafficking and Other Serious Crimes Act on Monday to raise the maximum jail term for money laundering.

The maximum jail term for money laundering was raised from seven to 10 years, making it consistent with the maximum penalty for terrorism financing.

"With the increasingly transnational, lucrative and sophisticated nature of criminal activities, the risk of Singapore being used as a conduit to launder criminal proceeds continues to be a concern," Second Minister for Home Affairs and Minister in the Prime Minister's office S Iswaran said.

Those bringing tax-illicit money into Singapore will also face greater deterrence. Authorities are now allowed to prosecute cases in Singapore that involve the evasion of foreign taxes, so long as tax evasion is illegal in the foreign country and were committed with the wilful intent to evade tax.

The amendments also provide for more flexibility in information sharing with foreign enforcement agencies. Investigating officers will not need a formal arrangement such as a memorandum of understanding to share intelligence with their foreign counterparts.