A 25-year-old man will be charged in court on 25 March 2022 for his suspected involvement in money laundering and for carrying on a business of providing payment services without a licence.
Between December 2020 and March 2021, the man is alleged to have accessed multiple bank accounts which were opened under the names of several individuals. The man allegedly withdrew at least S$28,350 from these accounts, which were illicit proceeds from fraud perpetrated overseas, and handed the proceeds over to other individuals in Singapore.
The man will be charged under Section 47(3) of the Corruption Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (“CDSA”) for acquiring criminal benefits of another person and Section 5(1) of the Payment Services Act 2019 (“PSA”) read with Section 109 of the Penal Code 1871 for abetting an offence of carrying on a business of providing payment services without a licence.
Anyone found guilty of acquiring, transferring, or assisting another to retain benefits from criminal conduct under the CDSA faces imprisonment of up to 10 years, a fine up to S$500,000, or both. Under Section 5 of the PSA, it is an offence for anyone to carry on a business of providing any type of payment services in Singapore without a licence unless he is exempted under the Act. The offence is punishable with a fine not exceeding $125,000, imprisonment for a term not exceeding three years, or both.
The Police take a serious stance against any person who may be involved in scams, and perpetrators will be dealt with in accordance with the law. To avoid being an accomplice to crimes, members of the public should always reject requests by others to use their bank account as they will be held accountable if these are linked to crimes.
If you receive or are asked to receive funds from unknown or dubious sources, please contact the Anti-Scam Helpline at 1800-722-6688. Anyone with information on such scams may call the Police Hotline at 1800-255-0000 or submit information online at www.police.gov.sg/iwitness.
SINGAPORE POLICE FORCE
24 March 2022 @ 12:30 PM