A 42-year-old man will be charged on 20 October 2021 for the alleged offence of failure to lodge a suspicious transaction report (“STR”), under Section 39(2) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.
In August 2020, the Police received a complaint that an Option-To-Purchase for the sale and purchase of a private property was rescinded because the purchaser was an undischarged bankrupt and the co-purchaser was below the age of 21 years.
The 42-year-old man was the real estate agent for the purchaser. The purchaser had informed the man that he would pay the 5% booking fee of $44,300 in cash because he did not have a bank account. The man agreed to collect $11,000 from the purchaser on the spot, and to collect the remaining $$33,300 from the purchaser the following day.
On the following day, the man collected $32,300 from the purchaser at the purchaser’s house and placed it into a plastic bag. He later took a photograph of the said plastic bag containing the cash and sent it to another real estate agent. The photograph was accompanied with Mandarin words which literally translate to mean “cannot see the light”, but colloquially used to mean “shady”.
The man then deposited the cash into his account and handed a cheque to the developer as planned. A few days later, the purchaser’s ex-wife informed the man that the purchaser was an undischarged bankrupt and operated illegal gambling dens at Geylang. The ex-wife requested that the purchase be void, and the sum be returned.
Despite having suspicions about the cash collected from the purchaser and having been notified of the purchaser’s adverse background, the man allegedly failed to file any STR on the said private property purchase, despite this having come to his attention in the course of his employment.
Under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, it is an offence for failing to disclose knowledge or suspicion to a Suspicious Transaction Reporting Officer where one knows or has reasonable grounds to suspect that a property might constitute criminal proceeds or was used in or intended to be used in connection with criminal conduct.
Following the amendments to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act in 2019, those found guilty for this offence may face a fine not exceeding $250,000, imprisonment for a term not exceeding 3 years, or to both.
The suspicious transaction reporting regime is a key pillar of Singapore’s anti-money laundering and counter financing of terrorism regime. The Singapore authorities take a serious view towards the filing of such reports, and strongly urge reporting entities to continue their vigilance in detecting and reporting suspicious transactions. The Police will not hesitate to take firm action against any person who breaches the law.
SINGAPORE POLICE FORCE
19 October 2021 @ 5:25 PM