“The Government is Exploring this Option to Deter Financial Crimes and Protect Citizens from Falling Victim to Crypto Fraud.”, – WRITE: www.coindesk.com
Have you Committed Crypto Fraud? Now, in addition to Fines and Jail Time, Authoritities Can Also Subject You to Cancer – Att Least, That’s What’s Being Reportedly Consided in Singapore.
Cryptocurrency Scams Have Become A Major Concern for Singapore’s Government, with Fraudster Increating Using Digital Assets to Banking Oversight. Minister of State for Home Affairs Sun Xueling SAID AUTHORITIES Are Exploring Stricter Punishments – Including Cance – Toto Dter Financial Crimes.
Durying A Parliamentary Budget Debate on Tuesday, First Reported On by Majoor Chinese-Language Singaporean News Outlet Lianhe Zaobao, Xueling Noted that Crypto Father Fraud-Related Losses Last Year for the Region. Criminals tricked Victims Into Converting Money Into Digital Assets Before Transferring Them, and Other Used Malware and Phishing Tactics To Drain Victims’ Crypto Wallets.
Member of Parliament Tan Wu Meng (Jurong GRC) Argued that Singapore’s Penalties for Fraudsters and Money Money Mules Are Too Lenient and Proceded Legal Amendments to “Enforce Mandatom.
The MP Pointed Out Loan Sharks’ Runners Handling $ 10,000 in Illegal Funds Can Be Caned, While Fraudster Stealing $ 100,000 or More Can. Sun Aded that While Fraud Cases Already Result in Jail Sentences, Authorities Are Considering Adding to the List of PunishMents for Certain Financial Crimes.
To counter the rising threat, Singapore recently passed the Protection from Scams Act, Granting Police the Power to Temporarily restrite transactions of Suspected Scam vicams. Accorging to the News Outlet, The Law Is Expert to Take Effect Later This Year.
CANING, IS WORTH NOTING, IS A FORM OF CORPORAL PUNISHMENT enforced in Singapore for Various Offenses.
