SINGAPORE Law and Practice Contributed by: Jason Lim, Sreenivasan Narayanan SC and Palaniappan Sundararaj, Sreenivasan Chambers LLC
Voluntary disclosure and co-operation with authori - ties are taken into account in Singapore’s enforce - ment framework. Early self-reporting of breaches and proactive co-operation with regulatory inquiries are factors that could potentially be considered favour - ably in determining enforcement outcomes, including the type and severity of the breach. Similarly, in the criminal context, the courts may take into account an accused person’s co-operation with investigations as a mitigating factor in sentencing. However, there is no formal leniency or immunity programme for financial crime offences in Singapore, and voluntary disclo - sure does not guarantee immunity from prosecution or regulatory action. There is a regime in place where corporate entities can negotiate with the AGC for “deferred prosecution” where a negotiated civil penalty is imposed in lieu of prosecution. 2.6 Right to Not Co-Operate or Self- Incriminate Financial crime investigations in Singapore may involve the arrest and interview of suspects. Arrests and interviews are governed by the CPC. Many finan - cial crime investigations lead to raids being carried out where numerous suspects are arrested at once. Upon arrest, suspects are typically brought to a police station or the premises of the relevant investigating authority for interviews. Accused persons may have to furnish a bond to be released pending investigations. There are several circumstances in which a suspect or other persons may be compelled to co-operate with investigators. Under Section 21 of the CPC, police officers may require any person acquainted with the facts of a case to attend and provide information. Failure to comply may, in and of itself, constitute an offence. However, this is subject to the limited right against self-incrimination. Section 22 (2) of the CPC provides that while a person examined by a police officer during an investigation is bound to state tru - ly the facts and circumstances with which they are acquainted, they need not say anything that might expose them to a criminal charge, penalty or forfeiture. Under Section 20 of the CPC, police officers may order the production of documents and other mate -
rials. Additionally, the court may issue production orders requiring specified persons to produce docu - ments or information relevant to an investigation. 2.7 Pre-Charge Powers Under Section 35 of the CPC, a police officer may seize and detain property that is suspected to have been stolen, or property found in circumstances giv - ing rise to suspicion of the commission of an offence. This power may be exercised without a court order, provided there is reasonable suspicion. The seized property may be retained pending the conclusion of investigations or proceedings. Under Section 16 of the CDSA, the High Court may issue restraint orders prohibiting any person from dealing with realisable property. These orders are typi - cally granted where there is an ongoing investigation or prosecution and a risk that assets may be dissi - pated. The order may be subject to conditions and exceptions as the court considers appropriate. These powers are primarily domestic in nature but may have cross-border effect in practice through co- operation mechanisms such as mutual legal assis - tance. They may also extend to third parties, including nominees, beneficial owners and persons holding or receiving tainted assets, to the extent that the prop - erty is “realisable property” or otherwise linked to the alleged offence. 3. Core Financial Crime Offences 3.1 Fraud and Dishonesty Offences Singapore recognises a range of fraud-related offenc - es under the PC, including false representation, mis - appropriation, criminal breach of trust, cheating, con - spiracy and forgery. Fraud by False Representation, Non-Disclosure or Abuse of Position Under Section 424A PC, it is an offence to fraudulently or dishonestly: • make a false representation; • fail to disclose information where there is a legal duty to do so; or
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