Web3 Accountant’s Post

🌟 A significant collaboration between Malaysian and Singaporean authorities has successfully led to the arrest of 12 individuals involved in a major money-laundering operation. This joint effort highlights the power of cross-border cooperation in tackling financial crimes. Great job to both nations for making strides in financial crime prevention! 💼🚔 Key takeaways: - 🌐 International collaboration is essential for combating money laundering and other financial crimes. - 🌟 Effective regulatory compliance and cooperation can lead to significant arrests and disruption of criminal networks. - 💪 Strengthening frameworks and utilizing advanced technology are crucial for staying ahead of sophisticated financial crimes. Read more about this case here: https://lnkd.in/djY9VJcD #FinancialCrime #MoneyLaundering #RegulatoryCompliance #AML #Singapore #Malaysia #CrossBorderCooperation

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

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?

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

Get up to speed with the regulatory compliance developments from the Asia Pacific region. Our monthly newsletter summarizes key regional updates on the financial services industry. This edition includes the updated Money Laundering National Risk Assessment as part of MAS' efforts in strengthening the anti-money laundering measures in Singapore. Meanwhile, in India the RBI published "Statement on Developmental and Regulatory Policies", which outlined various developmental policy measures, including the creation of a digital payments intelligence platform to combat payments fraud. Philippa Allen, Yishan Lee, Neil Synnott, YUBING WU, Catherine Law, Sukanya Lal, Sudip Baniya To read all regulatory updates and enforcement actions across the Asia Pacific region for June 2024, please click here. https://ow.ly/r40t50SETcj #iqeq #insights #development #apac #regulatorycompliance #investorservices #newsletter

https://lnkd.in/gEmwAPqE Integrity Consulting contributed our thoughts on changes to Singapore's anti-money laundering regime

Singapore's new legislation takes aim at strengthening AML measures. The Anti-Money Laundering (AML) and Other Matters Bill grants courts the authority to order the sale of properties seized in connection with suspected criminal activities, such as money laundering. It will also streamline the prosecution of money laundering offences, no longer requiring proof that money laundered in Singapore is derived from criminal conduct or the need to show a complete trail. Singapore’s Second Minister for Home Affairs, Josephine Teo, comments, “We cannot be competitive if financial services are poorly regulated, or if financial institutions and other gatekeepers here are inadequately supervised." Learn more about the new legislation and the steps financial firms should take to strengthen their compliance frameworks—and join the fight against money-laundering. #AML #Compliance #RegTech #RiskManagement https://hubs.ly/Q02L3HCk0

The Singapore Parliament passed the Anti-Money Laundering and Other Matters #AMLOM Bill on 6th August. Designed to enhance Singapore’s AML/CTF regime built on the pillars of Prevention, Detection, and Enforcement, AMLOM will introduce: ➡️ Align Singapore’s regime with global FATF standards through new provisions and amendments to the Casino Control Act to require casino operators to conduct stronger CDD checks upon transaction; ➡️ Enhance the ability of Government agencies to detect ML through enhanced data sharing and strengthened prosecutorial abilities; and  ➡️ Bolster the powers of law enforcement authorities to deal with seized or restrained properties linked to suspected financial crime activities. Now passed by the Singapore Parliament, the AMLOM Bill will become Law once it obtains Presidential Assent. Firms should begin preparing for the forthcoming legislative changes and any procedural and operational impacts it will bring. 💡 Plenitude RegSight and its subscription newsletter keep you informed of the evolving regulatory landscape in Singapore and Hong Kong. Visit our website for more information. https://lnkd.in/euTNnhxP Learn more: https://lnkd.in/efrwJWnU

The Philippines has its Republic Act 9160 or the Anti-Money Laundering Act of 2001 (the Act) that aims to combat financial crimes in the country and made money laundering an illegal act. The Anti-Money Laundering Council (AMLC) is the government organization enforcing the said Act. The AMLC also requires financial institutions controlled by the Bangko Sentral ng Pilipinas (BSP) to comply with the detection, recordkeeping and reporting requirements. Furthermore, the Act discusses and outlines who are the covered persons. The covered persons also include designated non-financial businesses and professions (DNFBP) where all covered persons are mandated to cooperate with the AMLC and are required to register with the AMLC’s electronic reporting system in accordance with the AMLC Registration and Reporting Guidelines. Non-registration may result in the imposition of administrative sanctions and non-submission of suspicious transaction reports shall be penalized as a money laundering offense.  #AMLA #AMLCregistration #compliance #compliancematters

this book discuss money laundering in Indonesia and Malaysia