<ul><li>Singapore’s Parliament has passed the Protection from Scams Bill, granting authorities the power to issue Restriction Orders (ROs) that temporarily freeze bank transactions and credit facilities for individuals identified as potential scam victims.</li><li>ROs will be issued as a last resort after other interventions have been explored, and will initially last 30 days and can be renewed up to five times if necessary.</li><li>The bill includes an appeals process for individuals who believe an RO was wrongly issued, and internal controls ensure that ROs are approved at an appropriate level of seniority.</li><li>The legislation grants immunity to banks and their staff for actions taken in good faith and with reasonable care when enforcing ROs, and non-compliance could result in fines of up to S$3,000.</li></ul>

Singapore Passes Scams Bill to Restrict Bank Accounts of Potential Victims

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