Singapore Drafts Unexplained Wealth Order Bill Rivalling UK Legislation
Last week saw the bringing into force of Singapore's Serious Crimes and Counter-Terrorism (Miscellaneous Amendments) Bill. Going forward, the new Bill holds that it is an offence for Singapore-based companies and individuals to own assets that can rationally suspected of being from the proceedings of committing crimes. This places the burden of proof on the property owner, who then must reasonably explain the origin of the assets.
The shift in burden mirrors a new power legislated in the UK last year, called the Unexplained Wealth Orders (UWOs); though experts are commenting how the Singaporean regime seems to be considerably stricter at face value.