Under the Bill, the Singapore courts will have the power to order the sale of seized properties without the consent of involved parties. SINGAPORE – If law enforcement agencies want to sell a seized property linked to suspected criminal activities, they are currently required to obtain the consent of all parties involved, including the suspect. Under the Anti-Money Laundering and Other Matters Bill that was passed in Parliament on Aug 6, the Singapore courts will have the power to order the sale of seized properties without the consent of involved parties.
During the Bill’s second reading on the same day, Minister for Digital Development and Information Josephine Teo said the current law is “highly impractical” as the authorities need to continue maintaining seized property if no consensus is reached among parties. Mrs Teo, who is also Second Minister for Home Affairs, said: “These properties can include vehicles, liquor, luxury watches and livestock. Not only are they costly to maintain, they also tend to depreciate in value.
” Law and Home Affairs Minister K. Shanmugam said in May that the police have spent nearly $650,000 to maintain the assets seized or frozen in relation to the $3 billion money laundering case . With the new amendment, Mrs Teo said law enforcement agencies will be able to lower the cost of maintaining seized properties and preserve their value.
If the Bill becomes law, the court will be able to order the sale of seized properties if two criter.