Authorities incur "significant" costs when maintaining certain types of properties such as vehicles and vessels. SINGAPORE: Singapore courts would be allowed to order the sale of seized properties linked to suspected criminal activities under a new proposed law.
If there is no agreement among the parties, the agencies will have to continue to manage the property, said MHA. Authorities incur"significant" costs when maintaining certain types of properties such as vehicles, vessels and livestock, it added. At times, law enforcement agencies may also seize properties linked to suspects who have left the country. Investigations can be"wilfully stalled" if the absconded parties decide not to cooperate, said MHA.
These amendments aimed at clarifying and improving the processes involved in dealing with seized properties will prevent the assets from being released prematurely while investigations are ongoing, said MHA. It will be sufficient for the prosecution to prove"beyond reasonable doubt" that the money launderer knew or had reasonable grounds to believe that he was dealing with criminal proceeds, said MHA.