Singapore just gave its police a powerful new weapon against scammers: the ability to freeze bank accounts.
Freezing Accounts to Stop Scams
This new law, passed unanimously by Parliament, lets police temporarily freeze bank accounts suspected of being involved in scams. The goal is to stop scammers from accessing their ill-gotten gains. The freeze order will halt money transfers, ATM access, and credit facilities, but people will still be able to access funds for daily expenses.
Temporary Measures, Renewed Efforts
These account freezes can last up to 30 days and can be renewed up to five times. The extra time allows police to work with victims, helping them realize they’ve been scammed and recover their money.
Concerns and Next Steps
While some concerns were raised about personal freedoms and practical challenges, the law passed without opposition. Initially, it applies to major banks, but it can be expanded to other financial institutions if necessary.
