SINGAPORE: Two law practices that were involved in the conveyancing of real estate properties seized in Singapore's billion-dollar money laundering case have been ordered to pay tens of thousands in financial penalties.
The director of legal services, supported by the Ministry of Law (MinLaw), is conducting inquiries in 24 law practices involved in the case. Conveyancing refers to the legal process of transferring title in a property from one person to another.
Of the 24, investigations into 11 law practices have been concluded, said the law ministry on Tuesday (Jul 15) in a press release.
Two law practices were ordered to pay S$30,000 (US$23,400) and S$100,000 in financial penalties.
“The director of legal services has issued a third law practice with a statutory notice of the intention to order that law practice to pay a financial penalty of S$70,000,” added the ministry.
“A final decision will be made upon receiving and considering the law practice’s written representations, if any.”
A fourth law practice has been privately reprimanded by the director of legal services, while one lawyer has been referred to the Law Society for disciplinary action.
“The director of legal services has determined that it will not be necessary to take further regulatory action against seven law practices,” said the law ministry.
Inquiry findings for the remaining 13 law practices, and whether any lawyers concerned should be referred to the Law Society of Singapore for disciplinary action, are being considered.
CNA has asked the Ministry of Law for more information, including the names of the companies involved.
The money-laundering case involved millions of dollars earned over the years from an illicit gambling ring - with Southeast Asian bases and aimed at punters in China - were turned into luxury cars, extravagant watches, properties in Singapore’s most lavish neighbourhoods, jewellery, designer goods, cryptocurrency and cold, hard cash.
All law practices and lawyers are subject to anti-money laundering obligations under the Legal Profession Act 1966.
These obligations include performing an adequate analysis of the risks of money laundering in relation to each client and performing customer due diligence measures that are in line with a client’s risk profile.
On Jun 23, the law ministry issued a guidance note to the legal industry to further detail the responsibilities of law practices and lawyers under their statutory anti-money laundering obligations.
The guidance covered areas such as analysing client risk, identifying material red flags, establishing a client’s source of wealth, the ongoing monitoring of clients and their transactions, and the timelines for filing Suspicious Transaction Reports.
"Singapore has a comprehensive anti-money laundering regime," said the ministry.
"However, the landscape is constantly changing, as new money laundering risks and typologies emerge.
"Everyone has a role in ensuring that Singapore’s anti-money laundering systems continue to be robust, from the law enforcement agencies, to the service providers such as the financial institutions and law practices, to the general public."
Continue reading...
The director of legal services, supported by the Ministry of Law (MinLaw), is conducting inquiries in 24 law practices involved in the case. Conveyancing refers to the legal process of transferring title in a property from one person to another.
Of the 24, investigations into 11 law practices have been concluded, said the law ministry on Tuesday (Jul 15) in a press release.
Two law practices were ordered to pay S$30,000 (US$23,400) and S$100,000 in financial penalties.
“The director of legal services has issued a third law practice with a statutory notice of the intention to order that law practice to pay a financial penalty of S$70,000,” added the ministry.
“A final decision will be made upon receiving and considering the law practice’s written representations, if any.”
A fourth law practice has been privately reprimanded by the director of legal services, while one lawyer has been referred to the Law Society for disciplinary action.
“The director of legal services has determined that it will not be necessary to take further regulatory action against seven law practices,” said the law ministry.
Inquiry findings for the remaining 13 law practices, and whether any lawyers concerned should be referred to the Law Society of Singapore for disciplinary action, are being considered.
CNA has asked the Ministry of Law for more information, including the names of the companies involved.
The money-laundering case involved millions of dollars earned over the years from an illicit gambling ring - with Southeast Asian bases and aimed at punters in China - were turned into luxury cars, extravagant watches, properties in Singapore’s most lavish neighbourhoods, jewellery, designer goods, cryptocurrency and cold, hard cash.
Related:
VIGILANCE AGAINST MONEY LAUNDERING
All law practices and lawyers are subject to anti-money laundering obligations under the Legal Profession Act 1966.
These obligations include performing an adequate analysis of the risks of money laundering in relation to each client and performing customer due diligence measures that are in line with a client’s risk profile.
On Jun 23, the law ministry issued a guidance note to the legal industry to further detail the responsibilities of law practices and lawyers under their statutory anti-money laundering obligations.
The guidance covered areas such as analysing client risk, identifying material red flags, establishing a client’s source of wealth, the ongoing monitoring of clients and their transactions, and the timelines for filing Suspicious Transaction Reports.
"Singapore has a comprehensive anti-money laundering regime," said the ministry.
"However, the landscape is constantly changing, as new money laundering risks and typologies emerge.
"Everyone has a role in ensuring that Singapore’s anti-money laundering systems continue to be robust, from the law enforcement agencies, to the service providers such as the financial institutions and law practices, to the general public."
Continue reading...