The Police will be charging a 24-year-old man on 17 July 2025 for one count of an offence under Section 51(1)(a) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (“CDSA”), for allegedly being concerned in an arrangement to facilitate the retention of another person’s benefits from criminal conduct. He faces another charge under Section 157(1) of the Companies Act 1967 (“Companies Act”), for allegedly failing to exercise reasonable diligence in the discharge of his duties as a director of a Singapore registered company.
Sometime in January 2022, the man purportedly entered into an arrangement with an unknown individual he got to know through a messaging platform, Telegram, in exchange for “fast cash”. Under this arrangement, he allegedly facilitated the incorporation of a company and relinquished all control of the company and its bank accounts. Investigations by the Commercial Affairs Department showed that the man did so despite having reasonable grounds to believe that the unknown individual engages in criminal conduct. Between 14 and 16 March 2022, the company received funds amounting to USD 274,945, believed to be proceeds from investment and love scams perpetrated against foreign victims.
Under Section 51(1)(a) of the CDSA, any person who assists another person to retain benefits from criminal conduct shall be liable on conviction to a fine of up to $500,000 or imprisonment of up to ten years or to both. The offence of failure to exercise reasonable diligence in the discharge of duties as a director under Section 157(1) of the Companies Act carries a fine of up to $5,000 or imprisonment of up to 12 months. Further, offenders may also be fined and disqualified from acting as a director for up to five years.
The Police takes a serious view of the money laundering offences and will not hesitate to take action against any individuals involved in arrangements that allow their personal or company’s bank accounts to be used for illegal purposes such as the laundering of benefits from criminal conduct.
SINGAPORE POLICE FORCE
16 July 2025 @ 3:00 PM