Rajah & Tann Singapore contributed an article titled “Singapore: Anti-money Laundering Laws, Penalties and Compliance Requirements” to the fourth edition of Global Investigations Review (GIR) The Guide to Anti-Money Laundering (“Guide“).
Money laundering remains a global concern, enabling criminals to conceal illicit proceeds and move funds through the financial system undetected, with serious economic, social and national security consequences. The Guide examines global money laundering enforcement trends and key anti-money laundering (“AML“) compliance challenges for financial institutions, and provides jurisdiction-specific overviews of money laundering and AML laws.
Authored by White Collar Crime Partners Thong Chee Kun, who is also Co-Head of the Fraud, Asset Recovery & Investigations Practice, and Josephine Chee, the question-and-answer (Q&A) article provides an overview of Singapore’s money laundering and AML laws and reviews relevant case law. It identifies the financial institutions and other entities subject to these laws and regulations, outlines their statutory obligations and the penalties for non-compliance, and sets out the government authorities responsible for enforcement.
The article is a valuable resource for practitioners, in-house counsel and other stakeholders seeking a clearer understanding of the obligations imposed on financial institutions and other entities operating in Singapore to prevent and report money laundering and terrorism financing.
The full article is available here.
Find out more about our White Collar Crime Practice here and our Fraud, Asset Recovery & Investigations Practice here.
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