One of the world’s largest financial centers has just passed a law giving police the power to freeze citizens’ bank accounts.
Lawmakers in Singapore on Tuesday approved the legislation, which gives police the power to freeze accounts in a last-ditch effort to stop scammers, CNA reports.
With the new ‘Protection against fraud’ law, police can order banks to suspend transactions for people suspected of having fallen victim to fraud.
“These restriction orders will suspend money transfers, use of ATMs and all credit facilities, although individuals will still be able to access their money for everyday living expenses.”
The restrictions could last as long as 30 days and be extended up to five times, giving officers time to convince victims they are being deceived.
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 necessary.
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