Published on January 9, 2009
1 Presents A CSI World Headquarters Presentation http://www.csi-worldhq.org/ AML in Singapore: Policy Outside of Mainland China
COPYRIGHT 2007 CFE-In-PRACTICE 2 presents AML in Singapore Policy Outside of Mainland China www.cfe-in-practice.org
www.cfe-in-practice.net 4 MAS 626 BASIC PRINCIPLES AND POLICIES TO COMBAT MONEY LAUNDERING 3.1 The Authority seeks to combat money laundering by requiring banks to apply the following principles: •Know your customer •Compliance with laws •Co-operation with law enforcement agencies: •Policies, procedures and training
www.cfe-in-practice.net 5 Lodging a STR as a Legal Obligation A STR or disclosure of information can be made to a Suspicious Transaction Reporting Officer as defined under the CDSA, or a police officer (which include a Suspicious Transaction Reporting Officer) under the TSOFA.
www.cfe-in-practice.net 6 In practice, the STR or disclosure can be made directly to STRO, which is the central agency in Singapore for the receipt, analysis and dissemination of STRs.
www.cfe-in-practice.net 7 Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act Cap 65A The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, commonly known as the CDSA, is the primary legislation enacted to combat money laundering in Singapore.
www.cfe-in-practice.net 8 The CDSA criminalises the laundering of proceeds derived from drug trafficking and 356 other serious offences and also allows for the confiscation of such proceeds.
www.cfe-in-practice.net 9 Section 39(1) of the CDSA makes it mandatory for a person, who in the course of his business or employment, to lodge a Suspicious Transaction Report (STR) if he knows or has reason to suspect that any property may be connected to a criminal activity. The failure to do so may constitute a criminal offence.
www.cfe-in-practice.net 10 Section 39 The failure to do so may constitute a criminal offence.
www.cfe-in-practice.net 11 Terrorism (Suppression of Financing) Act Cap 325 The Terrorism (Suppression of Financing) Act (TSOFA) was passed on 8 July 2002 by Singapore Parliament to give effect to the International Convention for the Suppression of the Financing of Terrorism which Singapore signed on 18 December 2001.
www.cfe-in-practice.net 12 The TSOFA not only criminalises terrorism financing but also imposes a duty on everyone to provide information pertaining to the terrorism financing to the Police. This obligation is laid out under Sections 8 and 10 of the TSOFA. The failure to do so may constitute a criminal offence.
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www.cfe-in-practice.net 16 Thank you Ladies and Gentlemen for the privilege. Please feel very welcome to call me at Tel. + (65) 9106 9872 to know more. Visit us at http://www.cfe-in-practice.net CFE-In-Practice Integrity|Intelligence|Independence Tommy Seah CFE Regent Emeritus ACFE (Texas, USA) World Headquarters
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