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Singapore’s tough stance on Money Laundering

Finance | 04/03/2024

The importance of Anti-Money Laundering regulations and Know Your Customer checks for companies and individuals

One of the world's largest anti-money laundering ("AML") operations was conducted in Singapore last year. Over S$3 billion worth of assets were seized by the Singapore Police Force to date, in the case that has rocked the island state.

In this article, our team explores the key AML regulations in Singapore, including recent regulatory changes which reflect Singapore's view on its serious commitment to combat money laundering activities.

We analyse amendments introduced to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 ("CDSA") which recently came into force on 8 February 2024 and the recently enacted Housing Developers (Anti-Money Laundering and Terrorism Financing) Rules 2023.

We also discuss the importance of Know Your Customer ("KYC") checks and how it helps companies and individuals.

Click here to read more.

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Contributors

Jarraw Colin

Colin Jarraw

Partner at Virtus Law*

Singapore

Jamie Loh 2

Jamie Loh

Associate at Virtus Law*

Singapore

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