A new law in Singapore empowers police to freeze bank accounts of victims of scams to prevent further financial losses.
Singapore Parliament has passed a new law allowing police to freeze bank accounts of victims of scams as a last resort to prevent further losses. The law empowers police to issue a freeze order against banks if they deem it necessary to protect the victim. This includes potential victims transferring money, withdrawing cash and accessing or using credit facilities for the benefit of scammers.
The freeze order will be in effect for 30 days and can be renewed up to five times or revoked if necessary. Police will assess several factors such as whether the victim has already made any money transfers or is still communicating with the scammer. Automatically, this order will be imposed on seven major banks in Singapore, namely OCBC, DBS, UOB, Maybank, Standard Chartered, Citibank and HSBC. Minister for Home Affairs, Sun Xueling, emphasized that speed is key to protecting victims and minimizing losses. She said that the ministry is also considering extending the freeze order to platforms such as cryptocurrency exchanges, money transfer companies and e-wallet providers if scammers start targeting digital platforms. As a leading financial hub in Asia, Singapore is often a target for scams. Police statistics show that 26,587 scam cases were reported in the first six months of 2024, involving losses of SGD 385.6 million (RM 1.3 billion). Losses from scams in 2023 reached SGD 651.8 million (RM 2.14 billion) after hitting a record high of SGD 660.7 million (RM 2.17 billion) in 2022. -REUTER
SINGAPORE SCAM BANK LAW VICTIM
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Indonesian fishermen accuse Singapore coast guard of reckless enforcement in dispute near TuasSINGAPORE, Jan 3 — The Singapore Police Force (SPF) confirmed yesterday that the Singapore Police Coast Guard took “appropriate enforcement action” after Indonesian fishing...
Read more »
Singapore Parliament Passes New Law to Protect Against ScamsSingapore's Parliament has approved a new law granting police the authority to block banking transactions for suspected scam victims. The Protection from Scams Bill aims to prevent individuals from transferring money to scammers by authorizing designated officers to issue restriction orders to banks.
Read more »
Singapore Flower Delivery Pte Ltd Acquires Singapore Florist And Launches New WebsiteSingapore Flower Delivery Pte Ltd, today announced the acquisition of Singapore Florist, a renowned local florist with a 37-year history of serving th...
Read more »
Malaysia and Singapore Postpone KL-Singapore HSR ProjectMalaysia and Singapore have agreed to postpone the development of the KL-Singapore High Speed Rail (HSR) project until May 31, 2020, with no compensation required. The deferral was reached in a spirit of good neighbourliness, as Malaysia is currently reviewing its financial position and construction of the HSR would be an added burden. Both countries aim to continue the project in the future, but will discuss ways to reduce costs during the postponement period.
Read more »
Anwar to Sign Johor-Singapore SEZ Agreement with Singapore PM WongJohor Menteri Besar Datuk Onn Hafiz Ghazi announced that Prime Minister Datuk Seri Anwar Ibrahim will sign the Johor-Singapore Special Economic Zone (JS-SEZ) Agreement with Singapore Prime Minister Lawrence Wong in Putrajaya this Monday. The agreement is expected to significantly impact Johor's economy, particularly in sectors such as halal industry and tourism.
Read more »
South Korean police raid president’s office amid martial law investigationSEOUL, Dec 11 — South Korean police said today that they raided President Yoon Sook Yeol’s office, as the investigation into his declaration of martial law gathers...
Read more »