Russia Sanctions – What You Should Know as a Professional Firm
On 24 Feb 2022, after months of political and military posturing, the world woke up to the fury of the guns. Russia had invaded Ukraine under the pretext of “Special Military Operation”. To many, this seems like a Cold-War era conflict between the Eastern and Western European states. In reality, the current Russian full-scale invasion […]
Top 3 AML Trends in 2022 – What Lies Ahead for Us This Year?
From novel technologies being invented to fight financial crime, to Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulators taking actions like the Financial Action Task Force (FATF) endorsing Artificial Intelligence (AI) enhanced transaction monitoring, the Anti-Money Laundering industry has seen many highs in 2021. However, it seems that these efforts have not made a significant […]
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 after 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 after 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 […]
The Most Common Money Laundering Schemes — How Professional Firms Stay ahead of criminal activity?
What is Money Laundering? According to the Financial Action Task Force (FATF), money laundering is the processing of criminal proceeds to disguise their illegal origin. In other words, it is a technique used by criminals to “clean” the illegally obtained money and conceal the source of funds through financial transactions, and finally release laundered money into the […]
Quick Guide for Filing Semi-annual Return for Precious Stones and Precious Metals Dealers (PSMD) in Singapore
As a regulated Precious Stones and Precious Metals Dealer (PSMD) in Singapore, every six month, you are required to submit semi-annual returns related to your business and transactions. The reporting is due 1 month after the reporting period as follows: Reporting Period Submission Period 1 January to 30 June 1 July to 30 July 1 July to 31 December 1 January to […]
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 […]
How to prepare for Bank Negara Malaysia (BNM) AML/CFT Compliance Review – A checklist for busy professionals
On 31 Dec 2019, the Malaysia’s Bank Negara (BNM) has issued a new guideline on Anti-Money Laundering, Countering Financing of Terrorist (AML/CFT) and Targeted Financial Sanctions for Designated Non-Financials Businesses and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs) ( i.e. the AML/CFT and TFS for DNFBPs and NBFIs ), to be effective on 1 Jan […]
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 […]