NCJ Number
115317
Date Published
1987
Length
26 pages
Annotation
This article describes economic crime in Singapore and measures taken to prevent further fraud and corruption.
Abstract
In Singapore, economic crimes have registered a steady upward trend over the decade. In 1985, cheating constituted the single largest category of economic crime, with Criminal Breach Trust (CBT) cases the second largest category. The causes of economic crime cannot be determined with any degree of certainty. However, the rapid expansion in commerce and world wide technological revolution in the field of transportation, communication, and transfer of monies has created increasing opportunities for economic crimes. Selected economic crimes are reviewed to show their negative impact, the modalities and characteristics of the offenders and the short- and long-term counter-measures against them. These crimes include: (1) documentary credit frauds, which are classified as cheating offenses; (2) maritime fraud; (3) corporate crimes; (4) fraudulent trading in securities; (5) fraudulent futures tradings; and (6) Criminal Breach of Trust. In combating the activities of international fraudsters and forgers, Singapore has access to the services provided by the Commonwealth Commercial Crime Unit. Set up in 1981, the Unit produces valuable strategic and tactical intelligence for law enforcement agencies enabling them to take effective action to prevent fraud. Other measures Singapore has taken against economic crime include contributing to the activities of the International Criminal Police Organization (ICPO-Interpol), and membership in the six-nation regional Association of South East Asian Nations (ASEAN). 8 tables.