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Effective Measures Against Corporate Crime and Corporate Liability in Singapore (From UNAFEI Resource Material Series No. 76, P 17-46, 2008, Grace Lord, ed. See NCJ-229030)

NCJ Number
Lawrence Ang
Date Published
December 2008
30 pages
This paper provides an overview of Singapore's effective measures against corporate crime and corporate liability.
Corporate and economic crime in Singapore is addressed primarily through criminal sanctions or administrative actions. The alternative of civil sanctions is currently available only for securities offenses. Criminal sanctions consist largely of imprisonment and fines. Individuals convicted of crimes that involve fraud or dishonesty may also be disqualified from holding directorships in companies for a specified period. When an offense is committed by a company or corporation's directors, officers, or employees, criminal liability may be imposed on the company or corporation as well. The key offenses that involve fraud are addressed in the Penal Code (Cap 224). They include offenses of criminal breach of trust, cheating, forgery, falsification of accounts, and offenses that involve counterfeit currency. The Securities and Futures Act (Cap 276) contains the main body of rules that govern securities fraud and market misconduct, as well as prohibited conduct in futures trading and leveraged foreign exchange trading. The Companies Act (Cap 50) addresses various types of offenses in relation to the conduct of the company and its directors and officers. Other legislation focuses on corruption; money laundering and terrorism financing; and other offenses, such as tax evasion and computer-related crime. The discussion of the investigation of corporate crime focuses on Singapore's enforcement and investigation agencies, cooperation among these agencies, and the investigative process. The agencies and procedures for prosecuting corporate crime are also described. Other sections of this paper pertain to the recovery of the proceeds of corporate crime, international cooperation in combating and deterring corporate and economic crime, and the prevention of corporate crimes. In the latter area, Singapore has focused on the regulation and supervision of its financial and business sector and in promoting good governance and corporate accountability.