Singapore Expected to Introduce Deferred Prosecution Agreement Regime

Singapore Minister for Home Affairs and Law K. Shanmugam announced earlier this week that the government is considering the inclusion of Deferred Prosecution Agreements in the latest round of amendments to the Criminal Procedure Code and Evidence Act.

It was reported toward the end of 2017 that Keppel Offshore & Marine reached a global resolution with authorities in the United States, Brazil, and Singapore under a Deferred Prosecution Agreement (DPA) with the US Department of Justice and settlement agreements with the Attorney General’s Chambers (AGC) in Singapore and the Ministério Público Federal in Brazil. Under this arrangement, Keppel will pay a total of $422 million in fines to resolve criminal corruption charges relating to its activities in Brazil, of which Singapore will receive up to $105.5 million. Keppel is listed on the Singapore Exchange and is Singapore’s largest oil rig builder; it has, as its largest shareholder, Temasek Holdings, one of Singapore’s sovereign wealth funds.

Just a few months after this groundbreaking enforcement, the Singapore Minister for Home Affairs and Law announced this week in a dialogue session with lawyers that the Singapore government is now considering implementing the DPA framework in Singapore, noting that the DPA regime is available in the context of the United States’ Foreign Corrupt Practices Act (FCPA) and the United Kingdom’s Bribery Act (UK Bribery Act).

Source: Lexology – Morgan Lewis Stamford LLC