Singapore’s status as a global financial and trading hub exposes it to money laundering and terrorism financing threats, as identified in the recent national risk assessments published by the relevant authorities. In response, the authorities have introduced various changes to strengthen Singapore's anti-money laundering and counter-terrorism financing (AML/CFT) framework. These include, among other things, the imposition of AML/CFT obligations on corporate service providers, creation of new “rash” and “negligent” money laundering offences, introduction of new information-sharing tools and enhancement of the asset recovery regime.
This update provides an overview of these developments.
If you would like information or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Elaine CHAN
Co-Head – Financial Services Regulatory
d +65 6416 8010
e elaine.chan@wongpartnership.com
Click here to view Elaine’s CV.
Joy TAN
Co-Head – Financial Services Regulatory
d +65 6416 8138
e joy.tan@wongpartnership.com
Click here to view Joy’s CV.
CHAN Jia Hui
Partner – Financial Services Regulatory
d +65 6416 2794
e jiahui.chan@wongpartnership.com
Click here to view Jia Hui’s CV.
ONG Pei Chin
Partner – Commercial & Corporate Disputes
d +65 6416 8103
e peichin.ong@wongpartnership.com
Click here to view Pei Chin’s CV.
TIAN Sion Yoong
Partner – Financial Services Regulatory
d +65 6416 2488
e sionyoong.tian@wongpartnership.com
Click here to view Sion Yoong’s CV.