On 1 September 2014, the anti-money laundering legislation in Singapore, the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (the “CDSA”) was amended to, among other things, remove the requirement of dual criminality for tax evasion offences covered under the CDSA, enabling the CDSA to recognise a foreign tax evasion offence whether or not the foreign tax concerned is of a type that is imposed in Singapore.
The CDSA criminalises the laundering of benefits or proceeds from “predicate offences” prescribed under the CDSA which include criminal conduct and drug dealing committed in or outside Singapore.
Other fine-tuning changes to the CDSA include:
- Removing the requirement for a foreign predicate offence to be evidenced by a certificate issued by a foreign government before the prosecution can proceed against money laundering involving the foreign predicate offence under the CDSA.
- Increasing the maximum term of imprisonment for money laundering offences from seven years to 10 years.
- Providing for the amount of the cross-border cash movement reporting threshold to be prescribed in subsidiary legislation, instead of being specified in the CDSA. The threshold for the cash reporting requirements on travellers who carry physical currency and bearer negotiable instruments into or out of Singapore was lowered from S$30,000 to S$20,000 from 1 September 2014.