SINGAPORE: Although a customer bought jewellery worth more than S$20,000 in a single cash transaction, prominent chain Poh Heng Jewellery did not report it to the suspicious transaction report officer as required by law.
On Oct 7, 2017, a customer named Andy Quek went to Poh Heng's outlet at Northpoint shopping mall with his mother. The cash transaction reporting regime is part of"Singapore's effort to strengthen our anti-money laundering framework", she said, and a key message should be sent that the courts will mete out a harsh punishment for non-compliance.
The proceeds were Government funds cheated from SkillsFuture, and this harm is"in fact the very evil that Parliament had intended to eradicate through the introduction of the cash reporting regime", she said. It sent out emails to its staff members informing them of the need to file such reports days after receiving word about the requirement."It is testament to their willingness and regard for the law that they are a first-time offender in 70 years of business," said Mr Tan, adding that his client was genuinely remorseful.
Poh Heng also had"no knowledge of any underlying criminal purpose", and it would be"wrong for my client to be punished additionally for something it had no part in or had no knowledge of", said Mr Tan.
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