Measures to Prevent Money Laundering and Tax Evasion in Transactions in High-End Artwork, Precious Stones and Metals

Ms Foo Mee Har asked the Deputy Prime Minister and Minister for Home Affairs what measures are put in place in Singapore to prevent suspicious transactions of high-end art, jewellery, watches, precious stones and metals being used for money laundering and tax evasion purposes.

Mr Teo Chee Hean: Money laundering and tax evasion involving the use of high-value items falls under section 39 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA). Under this legal provision, any person, who in the course of his professional or business duties, suspects that any property may represent proceeds of criminal conduct, including tax evasion and money laundering, is required to submit a report to a Suspicious Transaction Reporting Officer.

The Commercial Affairs Department has conducted workshops to raise the awareness of industry players of this anti-money laundering measure.