Suspicious Property Transaction Reports Filed and Cases Linked to Money Laundering
Ministry of Home AffairsSpeakers
Summary
This question concerns Mr Chua Kheng Wee Louis’s inquiry regarding statistics for suspicious real estate transaction reports and money laundering convictions involving residential and commercial properties. Minister of State Ms Sun Xueling stated that the Suspicious Transaction Reporting Office does not release detailed statistics and convictions are not tracked by asset class. She highlighted that the Developers (Anti-Money Laundering and Terrorism Financing) Act 2018, effective 28 June 2023, requires licensed developers to implement anti-money laundering safeguards. Under this Act and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, developers must report any property suspected to be proceeds of criminal conduct. These regulations mandate that developers disclose suspicious matters to a Suspicious Transaction Reporting Officer whenever they have reasonable grounds for suspicion during their business.
Transcript
5 Mr Chua Kheng Wee Louis asked the Minister for Home Affairs in each of the past five years (a) what is the number of suspicious real estate transaction reports filed; and (b) what is the number of convictions on money laundering involving (i) residential real estate and (ii) commercial real estate in Singapore.
The Minister of State for Home Affairs (Ms Sun Xueling) (for the Minister for Home Affairs): Mr Deputy Speaker, Sir, the Suspicious Transaction Reporting Office (STRO) of the Singapore Police Force does not publicly release detailed statistics relating to the filing of suspicious transaction reports. The Police do not track money laundering convictions by asset class.
Mr Deputy Speaker: Mr Louis Chua.
Mr Chua Kheng Wee Louis (Sengkang): Thank you, Mr Deputy Speaker. Just one supplementary question for the Minister of State. I think I understand that the requirements for developers to take certain anti-money laundering (AML) actions against money laundering will be effective from June of this year. So, to that extent, I wanted to ask what sort of safeguards will be put in place for secondary market transactions. The reason being especially if the developers actually put in place such safeguards for primary market transactions, then, potentially the bad actors could even turn to secondary market transactions should they have such intentions.
Ms Sun Xueling: I thank the Member for his supplementary question. Indeed, the Urban Redevelopment Authority (URA) has disseminated a guide on anti-money laundering and counter-financing of terrorism requirements to developers when issuing a sale license to developers. And, as he has mentioned, the Developers (Anti-Money Laundering and Terrorism Financing) Act 2018 will be implemented on 28 June 2023. Under section 12D of this Act, when a licensed housing developer knows or has reasonable grounds to suspect any matter mentioned in section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) or CDSA, a licensed housing developer must, in accordance with section 45 of the CDSA, disclose the matter to a Suspicious Transaction Reporting Officer by way of a suspicious transaction report.
When we look at the principles of reporting, as long as the developer is aware that in the course of the trade profession, business or employment, he knows or has reason to suspect that any property directly or indirectly represents proceeds of drug dealing or criminal conduct or was used or is intended to be used in connection with drug dealing or criminal conduct, that he is to lodge a suspicious transaction report.
Mr Deputy Speaker: No further supplementary questions? Mr Louis Ng, next question.