Singapore: Introduced Protection From Scams Bill (Bill No. 43/2024)

On 11 November 2024, the Ministry of Home Affairs introduced the Protection from Scams Bill in the Parliament of Singapore. The Bill aims to empower the police to issue restriction orders (ROs) to banks in order to restrict transactions of individuals suspected of transferring money to scammers. The Bill applies to seven domestic systemically important banks in Singapore and focuses on preventing digital or telecommunication scams by enabling police intervention when victims are likely to transfer funds despite warnings. The ROs can limit banking activities such as money transfers and credit facilities for up to 30 days while also providing mechanisms for individuals to access funds for essential needs. The Bill also provides that appeals against ROs can be made to the Commissioner of Police, whose decision will be final.