Pandora Papers – Spotlight on Shell Companies

What is the Pandora Papers? The Pandora Papers is a leak of almost 12 million documents exposing the hidden wealth and offshore dealings of the world’s most rich and powerful people to avoid tax, and in some cases also engage in criminal activities such as money laundering. The data, originating from the confidential records of […]

New threats of Money Laundering and Terrorism Financing under COVID-19 pandemic — Effective measures to combat the emerging risks

COVID-19 poses unprecedented challenges not only to global societies and economies but also to the operations of the Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT). Substantial increase in risks and crimes associated with money laundering (ML) and terrorist financing (TF) are reported and predicted globally due to the significant changes in financial behaviours and patterns under the COVID-19 pandemic.  In response to […]

First ever North Korean national extradited to U.S. for money laundering charges – Implications for professional firms with clients in cross-border business

First North Korean extradited to U.S. faces money laundering charges  In March 2021, Mun Chol-myong, who has ties to the Reconnaissance General Bureau, a North Korean intelligence agency that manages the state’s clandestine operations, was the first North Korean to be extradited from Malaysia to the United States. Mun was arrested in Malaysia in 2019 on charges […]

How to prepare for Companies Registry (CR) AML/CTF Compliance Inspection – A checklist for busy professionals

Since the implementation of the Companies Registry’s (CR) Guideline on Compliance of Anti-Money Laundering and Counter-Terrorist Financing Requirements for Trust or Company Service Providers (TCSPs) in March 2018, it is a requirement for TCSPs to take all reasonable measures to mitigate the risk of ML/TF; and to ensure that the AML/CTF requirements under the AMLO are complied […]

Top Five Reasons to Choose SentroWeb AML/CFT Screening System for PSG

There are no shortage of screening system for Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT).  Why choose us for the Productivity Solutions Grant (PSG)?  Here are the top five reasons: REASON ONE: Pay for UNIQUE name searches Unlike many providers that also sell search credits, SentroWeb only deduct credits for unique name search and […]

How to apply for Productivity Solutions Grant (PSG) for SentroWeb?

As of 24 Sep 2020, SentroWeb is listed as a pre-approved solution for Commercial Anti-Money Laundering (ML)/ Countering the Financing of Terrorism (FT) Screening.  This means that eligible Singapore companies can get up to 80% funding support from Productivity Solutions Grant (PSG) to subscribe to SentroWeb pre-approved packages for a period of 12 months.  As […]

How to prepare for Law Society AML/CFT review – A checklist for busy lawyers

Since the implementation of Part VA of the Legal Profession Act on Prevention of Money Laundering and Financing of Terrorism, and the accompanying Legal Profession (Prevention of Money Laundering and Financing of Terrorism) Rules on 23 May 2015, the Law Society has conducted independent reviews on its members to assist the members in the compliance […]