Warning: Information in this article was translated using artificial intelligence from a foreign source.
Have you committed cryptographic fraud? Now, in addition to fines and prison terms, authorities can also subject you to driving – at least that is what would be considered in Singapore.
Cryptocurrency scams have become a major concern for the Singapore government, fraudsters increasingly using digital assets to bypass banking surveillance. The Minister of State for Internal Affairs Sun Xueling declared that the authorities explored more strict sanctions – including the caning – to dissuade financial crimes.
During a parliamentary budgetary debate on Tuesday, the Chinese media of Singaporean Chinese media Lianhe Zaobao, Xueling noted that cryptographic scams represented a quarter of all the losses linked to fraud last year for the region. The criminals prompted the victims to convert money into digital active ingredients before transferring them, and others used malware and phishing tactics to drain the cryptographic portfolios of the victims.
MP Tan Wu Meng (Jurong RCC) argued that Singapore sanctions for fraudsters and money mules are too forgiving and have proposed legal amendments to “enforce the compulsory canine for serious crimes”.
The deputy stressed that the runners of loan Sharks managing $ 10,000 in illegal funds can be channeled, while fraudsters flying $ 100,000 or more cannot. Sun added that, although fraud cases already cause prison terms, the authorities plan to add canons to the list of sanctions for certain financial crimes.
To counter the growing threat, Singapore recently adopted the law on the protection against scams, granting the police the power to temporarily restrict the transactions of victims of alleged scams. According to the media, the law should come into force later this year.
The caning, it should be noted, is a form of body punishment applied to Singapore for various offenses.
