{"id":47015,"date":"2021-04-27T10:03:35","date_gmt":"2021-04-27T02:03:35","guid":{"rendered":"https:\/\/zegal.com\/?p=47015"},"modified":"2023-10-13T15:13:17","modified_gmt":"2023-10-13T07:13:17","slug":"3-types-of-white-collar-crime","status":"publish","type":"post","link":"https:\/\/zegal.com\/en-au\/blog\/post\/3-types-of-white-collar-crime\/","title":{"rendered":"3 Types Of White Collar Crime"},"content":{"rendered":"

\"\"<\/p>\n

Singapore\u2019s authorities have been stepping up their efforts to tackle white collar crime,\u00a0employing cutting-edge technology<\/a>\u00a0to identify and prosecute even the most complex of cases. Most white collar crimes are usually characterised by deceit, concealment, or violation of trust, and under Singapore law, white collar crimes are defined as:<\/p>\n

    \n
  1. financially motivated;<\/li>\n
  2. nonviolent; and<\/li>\n
  3. committed by businesses or government professionals.<\/li>\n<\/ol>\n

    Because it is possible to be an unwitting accomplice, inadvertently provide assistance to other offenders or unintentionally become entangled in the actual offences, it is important for all Singaporeans, especially people in businesses or governments, to understand what constitutes white collar crimes under Singapore law. While there are many types of white collar crimes, we will cover the 3 most common in Singapore: embezzlement, forgery, and money laundering.<\/p>\n

    <\/span>Embezzlement<\/strong><\/span><\/h2>\n

    \"Embezzlement-white<\/p>\n

    Embezzlement is defined as theft of property that one possesses but does not own. The person must have been entrusted with the property, and then used it dishonestly in order to gain an illegal benefit.<\/p>\n

    In a recent real-world example, a former Shell employee pleaded guilty to embezzlement of $49 million<\/a>\u00a0worth of misappropriated gas oil throughout 2017 and 2018. He was part of a conspiracy to illegally siphon and sell gas oil from the company\u2019s Pulau Bukom manufacturing site to unauthorised vessels.<\/p>\n

    <\/span>What happens if I get caught for embezzlement?<\/strong><\/span><\/h3>\n

    In Singapore, cases of embezzlement are typically prosecuted under the offence of Criminal Breach of Trust (CBT), which is governed by sections 405-409 of the Penal Code.<\/p>\n

    Under general CBT, someone found guilty of embezzlement may be sentenced to imprisonment of up to 7 years, a fine, or both. For aggravated CBT \u2013 when the accused is in a position of trust, such as a public servant, banker, or agent \u2013 the prison sentence can go up to 20 years.<\/p>\n

    <\/span>Forgery<\/strong><\/span><\/h2>\n

    \"forgery\"<\/p>\n

    When someone falsifies documents, signatures, or imitates a commodity of value for the purposes of deception, they are guilty of forgery. Forgery is governed by\u00a0section 463 of the Penal Code<\/a>, which states that a person charged with forgery must have created the false document \u2013 whether electronic or physical\u00a0\u2013 for the purposes of fraud.<\/p>\n

    The scope of forgery cases can vary widely, from the\u00a0US$56 million defrauded by oil tycoon Lim Oon Kuin<\/a>\u00a0of Hin Leong Trading through the use of falsified contracts, to the\u00a02 men who were charged with cheating the government of COVID-19 support grants<\/a>\u00a0through the use of fake retrenchment letters.<\/p>\n

    <\/span>What happens if I get caught for forgery?<\/strong><\/span><\/h3>\n

    If found guilty of forgery, a person may be punished with imprisonment of up to 4 years, a fine, or both.<\/p>\n

    <\/span>Money Laundering<\/strong><\/span><\/h2>\n

    \"money<\/p>\n

    Money laundering is the process of using deception to make money obtained from illegal or criminal activities (\u2018dirty\u2019 money) appear like they came from legitimate sources (\u2018clean\u2019 money).<\/p>\n

    To combat such activities, many businesses and financial institutions rely on the best AML software<\/a>.<\/p>\n

    There are 4 types of money laundering offenses that are punishable under acts 43-47 of the\u00a0Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA)<\/a>:<\/p>\n

      \n
    1. Criminals laundering their own money:<\/strong>\u00a0When a person using \u2018dirty\u2019 money to purchase legitimate assets like property, and then attempts to convert, transfer, or remove the property from Singapore.<\/li>\n
    2. An individual who benefits from the criminal activities<\/strong>: If a person purchases property that he\/she knows or has grounds to believe was acquired by \u2018dirty\u2019 funds, they may also be prosecuted for money laundering.<\/li>\n
    3. Abetment of money laundering<\/strong>: A person who deliberately conceals or disguises property or removes it from Singapore despite knowing or suspecting that it was acquired by \u2018dirty\u2019 funds is liable to money laundering charges.<\/li>\n
    4. Someone who participates in it with the headman<\/strong>: Entering into an arrangement or agreement to obtain control or retention of the \u2018dirty\u2019 property also makes one liable for money laundering.<\/li>\n<\/ol>\n

      Some ways people may unwittingly be participating in money laundering include:<\/p>\n