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 find beneficial owners? Guide to meet ACRA AML requirements.

Beneficial owners have in the recent past come under the lime light due to release of the Panama Papers by the International Consortium of Investigative Journalists (ICIJ).  The Panama Papers are approximately 11.5 million of leaked documents from a Panama based Corporate Services Provider (CSP) Mossack Fonseca, detailing how some of the wealthy and powerful […]

Don’t Be a Corporate Money Mule

Abdul Ghani Tahir, a director of a company, was recently convicted to 2 years 3 months and barred from being a company director for 5 years, for his role in laundering $1.2 million of illicit funds. The full report of the news can be found here. Interestingly, Abdul Ghani is a Chartered Accountant and also […]