Two men, aged 24 and 34, was charged in court yesterday (13 April 2022) for their suspected involvement in offences related to assisting another to retain benefits from criminal conduct and handling of benefits of criminal conduct.
24-year-old man
The Police were alerted in November 2018 that criminal proceeds arising from overseas investment fraud were credited into corporate and personal bank accounts in Singapore.
The personal bank account had received almost $300,000 in illegal profits. Preliminary investigations indicated that the 24-year-old man reportedly created a personal bank account but abandoned control of it in exchange for a fee, despite having grounds to think it would be used to maintain another person’s illicit profits.
The 24-year-old male was therefore charged with one count under Section 44 of Chapter 65A of the Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act.
34-year-old man
It was also found that part of the illicit gains in the personal account were allegedly withdrawn by the 34-year-old man, who obtained the 24-year-old man’s debit card despite the fact that they were strangers. He reportedly took $22,000 from his own bank account and gave money to unknown persons. He also allegedly withdrew $5,675 and spent it on fancy products.
The funds he had removed were thought to be the proceeds of illegal activity. As a result, he was charged with violating Section 47 of the Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act, Chapter 65A.
Money Laundering
The offence of entering into an arrangement having reason to believe that the retention of benefits of criminal conduct would be facilitated, under Section 44 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act Chapter 65A [1], carries a fine of up to $500,000 and/or a jail term not exceeding 10 years.
The offence of transferring or using property having reason to believe that the property is, or in whole or in part, directly or indirectly, represents another person’s benefits from criminal conduct, under Section 47 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act Chapter 65A [2], carries a fine of up to $500,000 and/or a jail term not exceeding 10 years.