One of the world’s largest financial hubs just passed a law giving police the authority to freeze citizens’ bank accounts.

Lawmakers in Singapore approved the legislation on Tuesday, which gives police the power to freeze accounts in a last-ditch effort to stop scammers, reports CNA.

The new “Protection from Scams” bill allows police to order banks to suspend transactions for people suspected of falling victim to a scam.

“These restriction orders will suspend money transfers, the use of ATM facilities and all credit facilities, although individuals will still be provided access to their monies for daily living expenses.”

The restrictions can last for as long as 30 days and be renewed up to five times, reportedly so that officers can have time to convince victims they are being misled.

Despite concerns about personal freedoms and operational challenges, members of Parliament unanimously passed the legislation.

The law applies to major banks but can be extended to other financial institutions if needed.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Police Allowed To Freeze Bank Accounts As New ‘Last Resort’ Law Targets Scammers – Here’s Where It’s Happening appeared first on The Daily Hodl.

One of the world’s largest financial hubs just passed a law giving police the authority to freeze citizens’ bank accounts.

Lawmakers in Singapore approved the legislation on Tuesday, which gives police the power to freeze accounts in a last-ditch effort to stop scammers, reports CNA.

The new “Protection from Scams” bill allows police to order banks to suspend transactions for people suspected of falling victim to a scam.

“These restriction orders will suspend money transfers, the use of ATM facilities and all credit facilities, although individuals will still be provided access to their monies for daily living expenses.”

The restrictions can last for as long as 30 days and be renewed up to five times, reportedly so that officers can have time to convince victims they are being misled.

Despite concerns about personal freedoms and operational challenges, members of Parliament unanimously passed the legislation.

The law applies to major banks but can be extended to other financial institutions if needed.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Police Allowed To Freeze Bank Accounts As New ‘Last Resort’ Law Targets Scammers – Here’s Where It’s Happening appeared first on The Daily Hodl.