Sun Xueling, the Minister of Foreign Affairs of Singapore, has announced the consideration of increasing penalties for financial fraud in light of a proposal by Tan Wu Meng, a Member of Parliament from Jurong.
Currently, the idea of increasing penalties is just a proposal, but it is possible to enhance penalties for both the perpetrators of fraud and the accomplice accounts. This proposal arises from the similarity in penalties in Singapore, where providing illicit financial services by loaning accounts can result in a maximum fine of $300,000, imprisonment up to 4 years, and a maximum of 6 strokes of the cane. However, there are currently no penalties for those who lend their accounts for fraudulent purposes, despite a minimum recommendation of 6 months in prison for accomplice accounts.
Flagellation as a punishment in Singapore has a long history, dating back to the time of British colonization. According to Singaporean law, caning is only permissible for males under the age of 50 and can be administered up to 24 times.
Source: Strait Times
TLDR: Singapore is considering increasing penalties for financial fraud, with potential changes to include punishments for both perpetrators and accomplice accounts. Caning, a historical form of punishment in Singapore, is being reviewed as a potential penalty option.
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