Singapore proposes new law to curb bank scams

Singapore’s Protection from Scams Bill, presented to Parliament on November 11, proposes an unprecedented measure allowing police to issue Restriction Orders (RO) on suspected scam accounts. If it is passed, Singapore will be the first country to grant police authority to intervene in bank transactions to prevent fraud.

A row of ATMs in Singapore. (Photo: channelnewsasia.com)
A row of ATMs in Singapore. (Photo: channelnewsasia.com)

The bill enables police to restrict bank accounts where victims refuse to acknowledge they've been scammed despite clear evidence.

Restrictions can apply to money transfers, ATM access, and credit transactions, impacting services like PayNow and direct transactions. The initial RO duration is 30 days, extendable up to six months. Disputes can be appealed to the Police Commissioner.

ROs will apply to scams conducted primarily through digital or telecom channels and exclude in-person fraud involving family or friends. Affected individuals can still access funds for essential needs by applying for a fixed amount with proof, such as bills.

With scams costing Singapore about 2 million USD (1.5 million USD) daily, the Home Affairs Ministry estimates at least ten ROs could be issued monthly.

Despite past anti-scam initiatives, including campaigns and freeze tools by banks, voluntary transfers still account for 86% of reported scams in the first half of 2024.

Parliaments

UK introduces new law to protect seafarer employment rights
Parliaments

UK introduces new law to protect seafarer employment rights

According to Nautilus International, the Employment Rights Bill is expected to introduce new protections specifically devised for seafarers, toughening the laws around collective dismissal, and cementing seafarer wage protections in UK law. The Bill, being introduced to Parliament this week, will seek to outlaw fire and rehire by requiring employers to prove there is no reasonable financial alternative to letting staff go.

Canada approves new law to develop offshore wind on its Atlantic coast
Parliaments

Canada approves new law to develop offshore wind on its Atlantic coast

Canada’s Senate has approved a new law, named bill C-49, which is set to unlock the country’s offshore renewable energy potential in the provinces of Nova Scotia and Newfoundland and Labrador, on Canada’s Atlantic coast. The bill, which includes the production of wind power as well as hydrogen, now awaits royal ascent.