🏴‍☠️ Singapore🇸🇬: new anti-fraud law grants police control over bank accounts

🏴‍☠️ Singapore🇸🇬: new anti-fraud law grants police control over bank accounts

An unprecedented measure has been implemented in Singapore.

➡️ Now, police officers and the Commercial Affairs Department—a branch of the White-Collar Crime Investigation Agency—will have the authority to issue orders allowing them to suspend banking transactions if there is evidence that an account holder is about to transfer funds to a scammer.

➡️ Authorities will also be able to block access to ATMs and credit lines for individuals known as "money mules" or intermediaries. However, the law allows affected individuals to withdraw funds for essential expenses.

➡️ The Ministry of Home Affairs mentioned that officers will also take on a preventive role, aiming to persuade mules, explaining that they are being manipulated, and involving their families if necessary.

➡️ Duration: Restriction orders on suspicious accounts will initially last for 30 days, with the possibility of being renewed up to five times.

➡️ Context: This initiative comes in response to the increase in fraud cases in Singapore. In 2024, scams grew by 10%compared to 2023, while economic losses due to fraud surged by 40%, raising concerns among both authorities and citizens.

#news #Asia #fightagainstfraud

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