Suspicious Transaction Reporting
Pursuant to section 70D of the Legal Profession Act, where a legal practitioner or law practice knows or has reasonable grounds to suspect that any property was or is intended to be used in connection with drug dealing or criminal conduct, as set out in section 39(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act ('CDSA'), the legal practitioner or law practice must disclose the matter to a Suspicious Transaction Reporting Officer under the CDSA by way of a suspicious transaction report; or an authorised officer under the CDSA.
There is also a duty under section 8(1) of the Terrorism (Suppression of Financing) Act for every person in Singapore and every citizen of Singapore outside Singapore who has (inter alia) information about any transaction or proposed transaction in respect of any property belonging to any terrorist or terrorist entity, to file a suspicious transaction report.
For more information on suspicious transaction reporting, please refer to Part VA of the Legal Profession Act and the Legal Profession (Prevention of Money Laundering and Financing of Terrorism) Rules 2015.
In practice, a suspicious transaction report can be made directly to the Suspicious Transaction Reporting Office, which is the central agency in Singapore for the receipt, analysis and dissemination of suspicious transaction reports, under the Commercial Affairs Department ('CAD') of the Singapore Police Force.
A suspicious transaction report should be filed electronically using the e-filing system provided by STRO to file STRs. For the STR Form and filing instructions, you can visit the following websites;