A 54-year-old man was charged in court on 22 December 2021 for being involved in an arrangement to facilitate another person’s control of benefits from criminal conduct under Section 44(1)(a) of the Corruption, Drug Trafficking and Other Serious Offences (Confiscation of Benefits) Act (“CDSA”), Chapter 65A and failing to exercise reasonable due diligence as a director of a company under Section 157(1) of the Companies Act, Chapter 50. He was also charged with an offence under Section 5(1) of the Moneylenders Act for his involvement in a separate matter.
Sometime in 2018, the man allegedly responded to a text message offering loans and eventually borrowed money from an unidentified person known as “Max”, who was suspected to be an unlicensed moneylender. Between August and September 2018, the man registered a company and opened two corporate bank accounts which he allegedly relinquished to Max in exchange for having his debts written off by Max. Criminal proceeds of at least US$204,901 were allegedly channelled through the corporate accounts.
If convicted, the 54-year-old man will be liable to a fine not exceeding $500,000 and/or imprisonment for a term not exceeding 10 years for the CDSA offence; and a fine not exceeding $5,000 or imprisonment for a term not exceeding 12 months for the Companies Act offence.
The Police take a serious stance against any person involved in the laundering of proceeds of crime, and offenders will be dealt with firmly in accordance with the law. To avoid being an accomplice to crimes, members of the public should reject requests from others to register companies and/or open bank accounts, or receive money in your bank accounts, as you may be held accountable if they are used for criminal activities.
SINGAPORE POLICE FORCE
22 December 2021 @ 2:00 PM