EddieJayonCrypto
11 Jan 25
Singapore recently passed a law granting police the authority to freeze citizens' bank accounts in an effort to combat scams. The new "Protection from Scams" bill allows police to order banks to suspend transactions for individuals suspected of falling victim to a scam. The restrictions can last up ...
Singapore recently passed a law granting police the authority to freeze citizens' bank accounts in an effort to combat scams. The new "Protection from Scams" bill allows police to order banks to suspend transactions for individuals suspected of falling victim to a scam. The restrictions can last up to 30 days and be renewed up to five times, with the aim of convincing victims they are being misled.
Despite concerns, the legislation was unanimously approved by members of Parliament and applies to major banks, with the potential to extend to other financial institutions if necessary.
Lawmakers in Singapore approved the legislation on Tuesday, which gives police the power to freeze accounts in a last-ditch effort to stop scammers, reports CNA. The new “Protection from Scams” bill allows police to order banks to suspend transactions for people suspected of falling victim to a scam. “These restriction orders will suspend money transfers, the use of ATM facilities and all credit facilities, although individuals will still be provided access to their monies for daily living expenses.” The restrictions can last for as long as 30 days and be renewed up to five times, reportedly so that officers can have time to convince victims they are being misled.
Despite concerns about personal freedoms and operational challenges, members of Parliament unanimously passed the legislation. The law applies to major banks but can be extended to other financial institutions if needed.