Marco B.’s Post

As Singapore continues to cement its position as a preeminent economic hub in Asia, the Singapore authorities are increasingly focused on strengthening safeguards against financial crime, including money-laundering and terrorism-financing. My colleagues, Hagen Rooke and Calvin Chan , have prepared this article which surveys the current legal and regulatory landscape in Singapore and outlines some of the key practical considerations which financial institutions and other businesses should bear in mind for anti-money laundering (AML) compliance purposes. #Compliance #AML #FinancialCrime

Report of the Inter-Ministerial Committee on Anti-Money Laundering 🛡️💼 The Inter-Ministerial Commission (IMC) is strengthening the three key pillars of Singapore’s anti-money laundering (AML) framework: prevent, detect and enforce. 🚨💼 Proactive prevention: 1. Strengthen anti-money laundering standards for gatekeepers 🛡️ 2. Further support gatekeepers to enhance capabilities to combat money laundering 📊 3. Engage non-regulated sectors to enhance their understanding of money laundering risks 🌍 4. Strengthen mechanisms to deter misuse of companies 🔐 Timely detection: 1. Strengthen sensemaking and information sharing within government 🔍 2. Deepen channels for data sharing amongst and with gatekeepers 📂 Effective enforcement: 1. Enhance legislative levers for law enforcement agencies to better pursue and prosecute money laundering offences ⚖️ 2. Continuously review penalty frameworks to ensure they remain proportionate and dissuasive 💼 3. Strengthen inter-agency coordination to enable swifter and more effective action against illicit money laundering activities 🤝 Related materials by Ministry of Home Affairs Singapore, Ministry of Finance (Singapore), and Monetary Authority of Singapore (MAS) attached below. #AntiMoneyLaundering #AML #Singapore #LawEnforcement #Prevention #Detection #Enforcement #FinancialCrime #Compliance #Gatekeepers

It is a fair question to ask whether ASIO's Mike Burgess is working in the public interest of everyday Australians when our anti-money laundering and counter-terrorism finance compliance rules are worst in class. Is Mike Burgess defending Australian families from the threat of domestic terrorism finance and real estate money laundering? According to the results scoreboard, he is not. If our nation's assets can be stripped like a sieve, wtf is it that ASIO is protecting us from? What can be worse than this?

Debarred providers are entities excluded from government contracts due to unethical practices such as fraud or corruption and violations of procurement guidelines. According to The World Bank, China leads this list with an astounding 350 debarred providers, followed by Nigeria (63) and Vietnam (61). These figures expose significant compliance challenges in some of the world's major economies. High debarment numbers signal governance issues, such as weak oversight and limited enforcement. Strengthening regulatory measures and enforcing anti-corruption frameworks are essential steps toward global transparency and ethical trade practices. That's why companies rely on Enhanced KYB Checks to conduct due diligence at scale—reducing both time and costs in onboarding new business partners. Disclaimer: Data is from OpenSanctions. #DebarredProviders #EthicalBusiness #ComplianceChallenges #AntiCorruption #RegulatoryMeasures #GlobalTransparency #EthicalTrade #EnhancedDueDiligence #TheKYB #BusinessPartnership

| Sharing | Our founder, Jenny Chow was invited by Asian Legal Business, to be the moderator for the “Embracing RegTech for Regulatory Excellence” panel session on ALB Pan-Asian Regulatory and Anti-Corruption Compliance Summit 2024 The session features case studies that highlight successful RegTech implementations and their impact on compliance and operational efficiency, as well as the role of RegTech in enhancing regulatory compliance and risk management for banks in Hong Kong. #regtitude #sharing #Fintech #RegTech #Compliance #KYC #AML #MoneyLaundering 

A new law passed on July 2 in Singapore quadruples fines for non-compliance with anti-money laundering rules among corporate service providers, increasing fines to up to S$100,000. It mandates registration for all providers, imposes stricter oversight on nominee directorships, and aims to curb illicit activities, reinforcing Singapore's commitment to financial integrity Read: https://lnkd.in/gy7PKDsJ Source: https://lnkd.in/gmAB9tJz #SinagaporeFinance #AML

The new European Anti-Money Laundering Authority (AMLA) Highlights: => The new authority is the centrepiece of the reform of the EU’s anti-money laundering framework. => AMLA will be based in Frankfurt and begin operations mid-2025. It will have over 400 staff members. => AMLA will have direct and indirect supervisory powers over obliged entities and the power to impose sanctions and measures. Read full article: https://rb.gy/swtdsz #amlcft #amla #eu

A shocker this morning from #Singapore - a country known for strong governance and massive efforts in fighting #financialcrime! A story of broad and deep criminal nexus across countries and industries, using this Asian financial hub for cleaning #dirtymoney! Another example of cross-border crimes that require more robust industry collaboration to fight #fincrime! #aml #kyc #compliance AMLintelligence.com #riskmanagement #riskandcompliance

The introduction of the Anti-Money Laundering and Other Matters Bill in Singapore marks a significant shift in the city's legal framework for tackling money laundering. By removing the necessity for prosecutors to establish a direct link between criminal activity and the laundered funds, the new bill aims to streamline and strengthen the prosecution process. This change comes in response to the ministry's recognition that many potential cases go unpursued due to the challenges of tracing the complete money trail. By lowering the burden of proof, Singapore hopes to enhance its ability to combat financial crimes more effectively and maintain its reputation as a secure financial hub. #aml #singapore #moneylaundering #legalframework #financialhub

What to expect in this week’s issue of The Briefing: 🏠🚨FinCEN issues new rules to safeguard the residential real estate and investment adviser sectors from illicit finance. 🇨🇭💎Switzerland tightens sanctions on Russia with new diamond trading bans and extended license deadlines. 💰🔒China cracks down on crypto-related money laundering with stricter AML laws and severe penalties. Read all about these developments here👇