AML In Singapore Policy Outside Mainland China

54 %
46 %
Information about AML In Singapore Policy Outside Mainland China
Business & Mgmt

Published on January 9, 2009

Author: cfeicg



Presentation slides containing basic principles designed to combat money laundering, with a focus on Singaporean policy.

Prepared by Mr. Tommy Seah, Regent Emeritus, ACFE (Texas, USA).

1 Presents A CSI World Headquarters Presentation AML in Singapore: Policy Outside of Mainland China

COPYRIGHT 2007 CFE-In-PRACTICE 2 presents AML in Singapore Policy Outside of Mainland China 3 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 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. 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. 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. 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. 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. 10 Section 39 The failure to do so may constitute a criminal offence. 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. 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. 13 14 solution provided by

15Copyright (c)2006 15 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 CFE-In-Practice Integrity|Intelligence|Independence Tommy Seah CFE Regent Emeritus ACFE (Texas, USA) World Headquarters

Add a comment

Related presentations

Canvas Prints at Affordable Prices make you smile.Visit http://www.shopcanvasprint...

30 Días en Bici en Gijón organiza un recorrido por los comercios históricos de la ...

Con el fin de conocer mejor el rol que juega internet en el proceso de compra en E...

With three established projects across the country and seven more in the pipeline,...

Retailing is not a rocket science, neither it's walk-in-the-park. In this presenta...

What is research??

What is research??

April 2, 2014

Explanatory definitions of research in depth...

Related pages

Anti-money laundering in China and Hong Kong

the AML/CFT regime in mainland China has been upgraded ... AML policies and procedures such ... is compliant with China’s AML laws
Read more

Overseas Chinese - Wikipedia, the free encyclopedia

... fled Mainland China to South East Asia(Singapore, ... lives outside of China, ... of China tended to view overseas Chinese with suspicion ...
Read more

Visa policy of China - Wikipedia, the free encyclopedia

Unilateral visa waiver policy [5] 3 Singapore: ... Visa policy of China for holders of ... country to a different destination outside Mainland China, ...
Read more

How China's Filthy Rich Use Macau To Launder Their Money

... "dominate the junket industry," according to Benjamin Carlson at Foreign Policy. ... groups in mainland China to ... in Macau's AML regime ...
Read more

Linklaters - Linklaters in Mainland China

Linklaters in Mainland China . ... PRC offering of RMB-denominated debt securities outside Mainland China –advising Bank of China and ... Singapore; Spain;
Read more

Like Bank of China, Citic Bank also offers service branded ...

State broadcaster CCTV has accused the Bank of China of offering a money ... China and the outside world ... linking mainland China’s ...
Read more

Guide to U.S. Anti-Money Laundering Requirements

Anti-Money Laundering (AML) ... Trade Clearing LLC for failure to implement AML policies and ... • In a transaction occurring entirely outside the ...
Read more

Asia / Pacific Group On Money Laundering

Asia / Pacific Group On Money Laundering APG History & Background. The Asia/Pacific Group on Money Laundering (APG) is an autonomous and collaborative ...
Read more

China - U.S. Department of State

The AML states that China will ... China maintains that these lists do not reflect its official policy. China's ... either inside or outside of China.
Read more