Part of a comprehensive analysis of the Currency Act 1967
All Parts in This Series
Prohibition Against Mutilation and Defacement of Currency: Section 23, Currency Act 1967
Section 23 of the Currency Act 1967 establishes a clear prohibition against the mutilation, destruction, defacement, or alteration of currency notes and coins. This provision is critical to maintaining the integrity and trustworthiness of Singapore’s currency system. The section states:
"23.—(1) Subject to subsections (2) and (3), any person who— (a) mutilates or destroys any currency note or coin; (b) causes any change in a coin so as to destroy or diminish its value or utility; (c) prints or stamps, or by any similar means writes, or impresses, on any currency note any mark, word, letter or figure; or (d) defaces any coin by stamping thereon any name or word, whether the coin is or is not thereby impaired, diminished or lightened, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000." — Section 23(1), Currency Act 1967
The rationale behind this provision is to prevent the degradation of currency that could undermine public confidence and disrupt the smooth functioning of the monetary system. Currency that is mutilated or defaced may be rejected by businesses or financial institutions, causing inconvenience and potential economic loss. By criminalising such acts, the law deters individuals from damaging currency and ensures that notes and coins remain in a condition fit for circulation.
Importantly, Section 23(4) clarifies that this prohibition does not limit or affect the provisions of the Penal Code 1871, ensuring that offences involving currency may also be prosecuted under broader criminal laws if applicable:
"(4) This section is not to be construed as limiting or affecting the provisions of the Penal Code 1871." — Section 23(4), Currency Act 1967
Verify Section 23 in source document →
This cross-reference ensures that the Currency Act operates alongside other criminal statutes to comprehensively address offences involving currency.
Exceptions for Licensed Security Service Providers Using IBNS: Section 23(5)
Section 23(5) introduces important exceptions to the general prohibition in subsection (1). It permits licensed security service providers to mutilate or deface currency notes and coins in the course of their duties, specifically when using Intelligent Banknote Neutralisation Systems (IBNS). The provision defines key terms as follows:
"(5) In this section— 'licensed security service provider' means a holder of a security service provider’s licence under the Private Security Industry Act 2007— (a) to sell any IBNS; or (b) to employ an IBNS in carrying out cash‑in‑transit services; 'licensing officer' means a licensing officer as defined in section 2 of the Private Security Industry Act 2007; 'security service provider’s licence' means a security service provider’s licence granted under the Private Security Industry Act 2007." — Section 23(5), Currency Act 1967
The purpose of this exception is to accommodate security measures designed to protect cash in transit. IBNS devices mark or stain currency to render stolen notes unusable, thereby deterring theft and enhancing public safety. By explicitly allowing licensed providers to use IBNS, the law balances the need to protect currency integrity with practical security considerations.
Seizure of Counterfeit Currency: Section 24
Section 24 empowers officers of the Monetary Authority of Singapore (the Authority) to seize currency notes or coins that are suspected to be counterfeit. The provision reads:
"24. An officer of the Authority is empowered to seize any currency note or coin tendered to the Authority, which the officer believes on reasonable grounds to be counterfeit and, upon such seizure, that note or coin is forfeited to the Authority." — Section 24, Currency Act 1967
Verify Section 24 in source document →
This provision is essential for the effective enforcement against counterfeit currency, which poses a significant threat to the economy and public trust. By granting seizure powers, the Authority can promptly remove counterfeit notes and coins from circulation, thereby protecting consumers and businesses from fraud.
Police Powers of Arrest Without Warrant: Section 25
Section 25 grants police officers the authority to arrest without warrant any person suspected of offences under sections 14, 20, or 23 of the Currency Act. The section states:
"25. Any police officer may arrest without warrant any person— (a) offending in the police officer’s view against section 14, 20 or 23; or (b) against whom a reasonable complaint has been made or creditable information has been received or a reasonable suspicion exists of the person having contravened section 14, 20 or 23." — Section 25, Currency Act 1967
Verify Section 25 in source document →
This provision exists to enable swift law enforcement action against currency offences, which often require immediate intervention to prevent further harm. The power to arrest without warrant ensures that suspected offenders can be detained promptly, facilitating investigation and prosecution.
Requirement of Public Prosecutor’s Consent for Prosecution: Section 26
Section 26 mandates that no prosecution for any offence under the Currency Act may be instituted without the consent of the Public Prosecutor:
"26. No prosecution for any offence under this Act may be instituted without the consent of the Public Prosecutor." — Section 26, Currency Act 1967
Verify Section 26 in source document →
This requirement serves as a safeguard to ensure that prosecutions are conducted in the public interest and based on sufficient evidence. It prevents frivolous or vexatious litigation and maintains prosecutorial discretion in currency-related offences.
Regulatory Powers of the Authority: Section 28
Section 28 empowers the Authority to make regulations necessary to implement the provisions of the Currency Act:
"28. The Authority may make such regulations as may be required from time to time for carrying into effect the provisions of this Act or prescribing anything that may be prescribed." — Section 28, Currency Act 1967
Verify Section 28 in source document →
This provision ensures that the Authority has the flexibility to adapt regulatory measures in response to evolving circumstances, technological advancements, or emerging threats to currency integrity. It facilitates effective administration and enforcement of the Act.
Saving and Transitional Provisions: Section 29
Section 29 provides for the dissolution of the Board of Commissioners of Currency Singapore and the transfer of its functions, assets, and liabilities to the Authority as of 1 October 2002:
"29.—(1) On 1 October 2002— (a) the Board of Commissioners of Currency, Singapore (called in this section the Board) shall be dissolved; (b) currency notes and coins issued by the Board before 1 October 2002 shall for all purposes be deemed to have been issued by the Authority; (c) the reserves accumulated by the Board before the current term of office of the Government shall be added to the reserves accumulated by the Authority before such term; and (d) all assets and moneys of the Currency Reserve Fund shall be transferred to the Currency Fund." — Section 29(1), Currency Act 1967
This transitional provision was necessary to ensure continuity and legal clarity following institutional restructuring. It prevents any legal uncertainty regarding the status of currency issued before the Authority assumed responsibility and consolidates financial resources under the Authority’s management.
Penalties for Offences Under Section 23
The penalty for offences under Section 23 is a fine not exceeding $2,000 upon conviction. This penalty is designed to deter individuals from damaging currency while providing a proportionate sanction for such offences:
"shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000." — Section 23(1), Currency Act 1967
Verify Section 23 in source document →
The fine serves both punitive and preventive functions, discouraging mutilation and defacement that could impair the currency’s utility and public confidence.
Cross-References to Other Legislation
The Currency Act 1967 incorporates cross-references to other legislation to ensure coherence and comprehensive regulation:
- Private Security Industry Act 2007: Definitions of "licensed security service provider," "licensing officer," and "security service provider’s licence" in Section 23(5) rely on this Act, linking currency-related offences to the licensing framework governing security providers.
- Penal Code 1871: Section 23(4) clarifies that the Currency Act does not limit or affect offences under the Penal Code, allowing for concurrent application of criminal laws.
"(4) This section is not to be construed as limiting or affecting the provisions of the Penal Code 1871." — Section 23(4), Currency Act 1967 "'licensed security service provider' means a holder of a security service provider’s licence under the Private Security Industry Act 2007..." — Section 23(5), Currency Act 1967 "'licensing officer' means a licensing officer as defined in section 2 of the Private Security Industry Act 2007;" — Section 23(5), Currency Act 1967 "'security service provider’s licence' means a security service provider’s licence granted under the Private Security Industry Act 2007." — Section 23(5), Currency Act 1967
Verify Section 23 in source document →
These cross-references ensure that the Currency Act operates within the broader legal framework governing security services and criminal offences, promoting regulatory consistency and effective enforcement.
Conclusion
The Currency Act 1967 contains robust provisions aimed at preserving the integrity and security of Singapore’s currency. Section 23 prohibits mutilation and defacement to maintain currency usability and public confidence, while allowing exceptions for licensed security service providers employing IBNS for legitimate security purposes. Sections 24 and 25 empower the Authority and police to seize counterfeit currency and arrest offenders promptly, ensuring swift enforcement. The requirement for the Public Prosecutor’s consent under Section 26 safeguards prosecutorial discretion, and Section 28 grants the Authority regulatory flexibility. Finally, Section 29 ensures a smooth institutional transition from the Board of Commissioners of Currency to the Authority.
Together, these provisions form a comprehensive legal framework that balances currency protection, security needs, and effective law enforcement.
Sections Covered in This Analysis
- Section 23 – Prohibition of mutilation, destruction, defacement of currency notes and coins
- Section 24 – Power to seize counterfeit currency
- Section 25 – Police power to arrest without warrant
- Section 26 – Requirement of Public Prosecutor’s consent for prosecution
- Section 28 – Authority’s power to make regulations
- Section 29 – Saving and transitional provisions
Source Documents
For the authoritative text, consult SSO.