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Cablegate: Singapore Proposes New Cash Courier Reporting

VZCZCXYZ0002
RR RUEHWEB

DE RUEHGP #1607 2420423
ZNR UUUUU ZZH
R 300423Z AUG 07
FM AMEMBASSY SINGAPORE
TO RUEHC/SECSTATE WASHDC 3893
INFO RUEATRS/DEPT OF TREASURY WASHDC
RUEAWJA/DEPT OF JUSTICE WASHDC
RUCPDOC/USDOC WASHDC

UNCLAS SINGAPORE 001607

SIPDIS

TREASURY FOR PDERGARABEDIAN
FINCEN FOR RMILLER
JUSTICE FOR JWELD

SIPDIS

E.O. 12958: N/A
TAGS: EFIN ETTC KTFN ECON KCRM SN
SUBJECT: SINGAPORE PROPOSES NEW CASH COURIER REPORTING
REQUIREMENTS

Ref: Singapore 357

1. The Singapore government presented to parliament two
amended pieces of legislation designed to enhance the
country's anti-money laundering and countering the
financing of terrorism (AML-CFT) regime on August 27.
These actions are part of a series of steps Singapore has
taken in recent months to bring its AML-CFT regulatory and
enforcement infrastructure more into alignment with
Financial Action Task Force (FATF) recommendations. FATF
is currently conducting its mutual evaluation of Singapore,
which includes an onsite assessment September 3-14, with
DOJ participation.

2. Proposed changes to the Corruption, Drug Trafficking
and Other Serious Crimes (Confiscation of Benefits)
Amendment Bill include new reporting requirements for cash
couriers -- Part VIA Q Cross Border Movements of Physical
Currency and Bearer Negotiable Instruments. Once approved,
in-bound and out-bound travelers in most cases must declare
cash and cash instruments they are carrying in excess of
S$30,000 or its equivalent (approximately US$20,000 --
twice the threshold required under U.S. law). Violators
could be subject to a fine of up to S$50,000 (US$ 33,100),
a maximum prison sentence of three years or both. The
legislation also clarifies and expands the scope for
reporting suspicious transactions.

3. The Monetary Authority of Singapore (Amendment No. 2)
Bill would raise the maximum penalty for financial
institutions that fail to comply with AML-CFT regulations
from S$100,000 (US$66,225) to S$1 million (US$662,250). It
also would empower the Monetary Authority to prosecute
financial institution managers where non-compliance is
attributable to their consent, connivance or neglect
(reftel).

4. Both bills must undergo two more readings in parliament
and then be approved by the President (a formality) before
they are enacted. The full text of the amendments can by
viewed at www.egazette.com.sg (current notices, bills
supplement) or www.parliament.gov.sg (bills introduced).

SHIELDS

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