Police Allowed To Freeze Bank Accounts As New ‘Last Resort’ Law Targets Scammers – Here’s Where It’s Happening

One of many world’s largest monetary facilities has simply handed a regulation giving police the ability to freeze residents’ financial institution accounts.

Lawmakers in Singapore on Tuesday accredited the laws, which provides police the ability to freeze accounts in a last-ditch effort to cease scammers, CNA studies.

With the brand new ‘Safety towards fraud’ regulation, police can order banks to droop transactions for individuals suspected of getting fallen sufferer to fraud.

“These restriction orders will droop cash transfers, use of ATMs and all credit score amenities, though people will nonetheless be capable to entry their cash for on a regular basis dwelling bills.”

The restrictions might final so long as 30 days and be prolonged as much as 5 instances, giving officers time to persuade victims they’re being deceived.

Regardless of considerations about private freedoms and operational challenges, Members of Parliament unanimously handed the laws.

The regulation applies to main banks, however may be prolonged to different monetary establishments if needed.

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