SINGAPORE Law and Practice Contributed by: Jason Lim, Sreenivasan Narayanan SC and Palaniappan Sundararaj, Sreenivasan Chambers LLC
Singapore law and satisfy the relevant threshold of seriousness (typically punishable by imprisonment of a specified minimum duration). • In relation to a request made by a foreign state of declared Commonwealth territory – an offence that carries a maximum punishment of two years’ imprisonment or more which is similarly punishable under the law of the requesting jurisdiction and would also constitute an offence in Singapore if committed in corresponding circumstances. The definition therefore adopts a dual criminality approach, requiring that the conduct be criminal in both jurisdictions and meet the statutory threshold of seriousness. 2. Enforcement Architecture 2.1 Investigative and Enforcement Authorities The Commercial Affairs Department (CAD) of the Sin - gapore Police Force is the principal law enforcement agency responsible for investigating financial and commercial crimes in Singapore. It handles offences such as fraud, cheating, criminal breach of trust, mon - ey laundering and other complex economic crimes. The Corrupt Practices Investigation Bureau (CPIB) is an independent agency responsible for investigating corruption offences under the PCA. It reports directly to the Prime Minister and has the authority to investi- gate both public and private sector individuals. The Monetary Authority of Singapore (MAS) is both Singapore’s central bank and its integrated financial regulator. MAS regulates and polices financial crime offences under the SFA, including insider trading and market manipulation. It also exercises administra - tive and civil enforcement powers such as licensing actions, prohibition orders, composition penalties and civil penalty applications. The Attorney-General is also the Public Prosecutor. The Attorney General’s Chambers (AGC) is responsi - ble for prosecuting all criminal offences in Singapore. MAS and CAD have established a framework for joint investigation of market misconduct offences such as
insider trading and market manipulation under Part XII of the SFA. MAS officers taking part in joint investiga - tions are gazetted as Commercial Affairs Officers so that they hold equivalent criminal powers of investi - gation. This arrangement is intended to deliver more effective enforcement outcomes and strengthened public confidence in Singapore’s capital markets. 2.2 Initiation of Investigations Financial crime investigations in Singapore can be ini - tiated through multiple channels. The most common include: • suspicious transaction reports filed with the Suspi - cious Transaction Reporting Office by reporting entities pursuant to their obligations under Section 45 of the CDSA; • complaints lodged by victims with the Singapore Police Force or the CAD; and • regulatory referrals from the MAS or other regula - tory bodies following supervisory inspections or market surveillance. Listed companies are also required to establish and monitor whistle-blower channels to the Audit Committee of the board. Investigating authorities such as the SPF and CAD have discretion as to whether to commence inves - tigations. The threshold for commencing investiga - tions is crossed when the report reveals a prima facie arrestable offence and there are sufficient grounds to proceed with the matter. After investigations are completed, the AGC has broad prosecutorial discretion, both as to whether to proceed, and what charges to proceed on. This discretion is generally not subject to judicial review, except in limited circumstances such as unconstitu - Powers to Compel Documents and Information Investigating authorities in Singapore have broad powers to compel the production of documents and information. Under Section 20 of the Criminal Proce - dure Code 2010 (CPC), a police officer investigating a seizable offence may require any person to produce documents or things necessary for the investiga - tion. In addition, Section 21 of the CPC empowers a tionality or improper purpose. 2.3 Investigatory Powers
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