Author: Singapore Law Simplified

What is Money Laundering? Money laundering involves hiding the origins of money gained through illegal means, allowing “dirty” money to enter the financial system as if it were legitimate. This can be done through businesses, luxury goods, or real estate. Although often associated with organised crime, ordinary people may unknowingly become involved, for instance, by…

Singapore’s Anti-Corruption Efforts and the Prevention of Corruption Act (PCA)

—

by

In 2023, Singapore climbed to 5th place on Transparency International’s Corruption Perceptions Index, becoming the only Asian country in the top 10 for least corruption. This achievement is largely credited to Singapore’s strong anti-corruption framework, especially the Prevention of Corruption Act (PCA). History and Purpose of the PCA The PCA evolved from the Prevention of…

What is Criminal Breach of Trust (CBT)?

—

by

Criminal Breach of Trust occurs when someone entrusted with property or money misuses it dishonestly. This includes actions like misappropriating funds, using the property for personal gain, or violating terms of a contract or law related to the property. A classic example is the City Harvest Church case, where leaders misused over $50 million of…

Tax Evasion in Singapore

—

by

Though death and taxes are often cited as life’s only certainties, some individuals in Singapore still attempt to evade taxes—either deliberately or unknowingly. This summary outlines what qualifies as tax evasion, how it differs from tax avoidance, and the consequences of such actions. What Is Tax Evasion? Tax evasion in Singapore occurs when someone intentionally…

Bail vs. Personal Bond: Key Differences

—

by

in Bail

Eligibility for Release To check if an offence is bailable, refer to the First Schedule, Criminal Procedure Code. Types of Release for Bailable Offences Even in bailable cases, release may be denied if the court believes the accused might flee, interfere with justice, or skip court. Non-Bailable Offences If there’s no reasonable belief the accused…

Summary of the Debt Collection Act and Related Legal Protections

—

by

The Debt Collection Act (2022) was introduced to regulate the debt collection industry and prevent abusive practices. It requires debt collectors and agencies to be licensed and undergo a screening process. Under this Act, collectors who threaten a debtor’s physical safety may face up to one year in jail and a $10,000 fine, with harsher…

Borrowing from Licensed Moneylenders in Singapore: What You Should Know

—

by

In times of financial difficulty, especially during emergencies, you might need to borrow money quickly. If you lack sufficient savings or liquid funds, you could consider borrowing from friends or family with a simple IOU or opt for a personal loan from a licensed moneylender—the focus of this guide. Who Are Licensed Moneylenders? Under the…

Lending Money to Friends & Family in Singapore: Legal Guidelines

—

by

Do You Need a Licence to Lend? Under the Moneylenders Act, lending money informally to friends or family doesn’t require a licence—unless it becomes a regular, business-like activity. Is Charging Interest Legal? Yes, you can charge interest on personal loans to friends and family, provided it’s not part of a moneylending business. There’s a legal…

Overview of the Debt Recovery Process

—

by