In May 2016, the Commercial Affairs Department commenced an investigation against a conveyancing lawyer and a real estate agent for failing to file a Suspicious Transaction Report (STR) under Section 39 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA).
The 56-year-old female lawyer and 37-year-old male agent had dealt with the purchase of a private property in Singapore for their client who had been arrested overseas for suspected involvement in a Ponzi scam. Their client's arrest was reported by various international and local media platforms since February 2016. However, despite the adverse news reported on their client, they failed to file any STR on the said private property purchase, which came to their attention in the course of their trade, profession, business or employment.
The two subjects will be charged in court on 16 November 2017 for failure to file a STR under Section 39 of the CDSA. If found guilty of the offence, he or she shall be liable on conviction to a fine not exceeding S$20,000.
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 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 any firm action against any person who breaches the law.
Source: Singapore Police Force