Police are allowed to freeze bank accounts as new ‘last resort’ law targets fraudsters – here’s what’s happening
One of the world’s largest financial centers has just passed a law giving police the power to freeze citizens’ bank accounts.
Lawmakers in Singapore approved legislation on Tuesday, giving police the power to freeze accounts in a last-ditch effort to stop scammers. Reports CNA.
The new “Protection from Fraud” bill allows police to order banks to suspend transactions for people suspected of being the victim of fraud.
“These restriction orders will suspend money transfers, use of ATM facilities and all credit facilities, although individuals will still be able to access their funds for daily living expenses.”
The restrictions can last up to 30 days and can be renewed up to five times, so officers can have time to convince victims they are being misled.
Despite concerns about personal freedoms and practical challenges, members of Parliament unanimously passed this legislation.
The law applies to major banks but can be expanded to include other financial institutions if necessary.
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