Mitigating Proliferation Financing Risks for DNFBP in Malaysia
In the ever-evolving landscape of Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), Countering Proliferation Financing (CPF) and Targeted Financial Sanctions (TFS), staying updated on the latest compliance regulations and remaining vigilant to risks is crucial for Reporting Institutions in Malaysia. With the increasing concerns over the proliferation of nuclear, biological, and chemical weapons, the Ministry […]
Combating Concealed Beneficial Ownership & AML/CFT Risks in Corporate Service Providers (CSPs) in Singapore
Corporate Service Providers (CSPs) play a crucial role in facilitating the establishment, administration, and management of companies. However, due to their involvement in financial transactions and corporate structures, CSPs are vulnerable to exploitation by money launderers and terrorist financiers. The Money Laundering (ML) National Risk Assessment (NRA), published in Singapore on 20 June 2024, also […]
The Intersection of Tax Evasion and Money Laundering: A Professional Accountant’s Perspective in Malaysia
Tax evasion and money laundering are two interrelated financial crimes that pose significant threats to the integrity of financial systems worldwide. Understanding the intricacies of these offenses, along with the legal frameworks and penalties associated with them, is crucial for effective enforcement and compliance. In this article, we delve into what tax evasion and money […]
The Philippines’ Fight Against Money Laundering: A Call to Action for Designated Non-Financial Businesses and Professions (DNFBPs)
The Philippines has made significant strides in combating money laundering and terrorist financing (AML/CTF). However, its inclusion in the Financial Action Task Force’s (FATF) grey list in 2021 underscores the need for continued vigilance. Designated Non-Financial Businesses and Professions (DNFBPs) play a crucial role in this ongoing effort. This article explores the importance of AML/CTF […]
Combating Concealed Beneficial Ownership & AML/CTF Risks in Trust and Company Service Providers (TCSPs) Industry in Hong Kong
Trust or Company Service Providers (TCSPs) play a crucial role in facilitating the establishment, administration, and management of trusts and companies. However, due to their involvement in financial transactions and corporate structures, TCSPs are vulnerable to exploitation by money launderers and terrorist financiers. As a result, TCSPs in Hong Kong are obligated to comply with […]
Latest Updates on Hong Kong Anti-Money Laundering Regulations
Updated on 2023/07/20 The Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 was passed by the Legislative Council of Hong Kong in December 2022. The new legislation, including the establishment of a registration regime for Dealers in Precious Metals and Stones (“DPMS”) and a licensing regime for Virtual Asset Services Providers (“VASP”), as well as […]
Ensuring the New Anti-Money Laundering and Terrorism Financing Compliance: A Step-by-Step Guide for Developers in Singapore
Overview of the New Requirements for Developers against Money Laundering and Terrorism Financing In an effort to strengthen regulatory levers in Singapore against money laundering (“ML”) and terrorism financing (“TF”) in the real estate sector, Urban Redevelopment Authority (URA) has released a circular in March 2023 on the Implementation of New Requirements for Developers against […]
Guide for HK DPMS: Registration Process, How to Do AML and Useful AML Tools
updated on 30/01/2024 The Hong Kong Legislative Council passed the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 on 7 December 2022, to introduce a registration regime for Dealers in Precious Metals and Stones (“DPMS”), so as to impose statutory anti-money laundering and counter-terrorist financing (“AML/CTF”) obligations on DPMS sector.The new DPMS registration regime is […]
The Art Market and Money Laundering
Visiting art fairs has become more common nowadays. Imagine you are visiting Art Basel or Sotheby’s. Standing in front of an artwork with a powerful stroke on it, and there’s a little red sticker beside the artist’s statement saying “SOLD”. The paintings sold for one million dollars, and you may wonder how the sellers measure […]
Hong Kong Registration Regime for Dealers in Precious Metals and Stones (DPMS)
updated on 30/01/2024 On 7 December 2022, Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 in Hong Kong was passed by the Legislative Council, to introduce a registration regime for Dealers in Precious Metals and Stones (DPMS), so as to impose statutory anti-money laundering and counter-terrorist financing (AML/CTF) obligations on DPMS sector. Following the imposition […]