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 […]

Phone Scams and Anti-Money Laundering

In recent months, there have been an increase in phone scammers in Singapore . Such scammers would impersonate themselves as employees of DHL, DBS or Chinese authorities and claim that the victim has an illegal parcel held by the Chinese customs, and they would require the victim to transfer huge sums of money to get […]

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 […]