Singapore proposes landmark law to block scam victims' bank transactions

By AJP Posted : November 14, 2024, 10:18 Updated : November 14, 2024, 10:18
This photo shows the OCBC Bank in Singapore July 11 2023 Reuters-Yonhap
This photo shows the OCBC Bank in Singapore July 11, 2023. Reuters-Yonhap
SEOUL, November 14 (AJP) - Singapore has introduced a first-of-its-kind anti-scam bill to parliament that would grant police powers to restrict banking transactions of individuals likely to transfer money to suspected scammers, even when victims insist on proceeding despite warnings.

Under the proposed law, police can issue restriction orders lasting up to 30 days, renewable five times for a maximum of six months, to block transfers, ATM access, and other account transactions, while still allowing access for legitimate purposes such as bill payments and essential purchases.

The Ministry of Home Affairs reported that Singapore loses approximately S$2 million daily to scams, with 86 percent of victims in the first half of this year voluntarily transferring money to scammers, some persisting even after warnings from police, family members, or banks.

The legislation, which received over 90 percent support during public consultations in August and September, would be a global first in restricting bank accounts of scam victims who stubbornly deny being defrauded despite evidence, though some critics argue for personal responsibility over government intervention.
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