Anti-money laundering—Singapore—Q&A guide

The following Corporate Crime practice note provides comprehensive and up to date legal information covering:

  • Anti-money laundering—Singapore—Q&A guide
  • 1. Identify your jurisdiction’s money laundering and anti-money laundering (AML) laws and regulations. Describe the main elements of these laws.
  • 2. Describe any specific powers to identify proceeds of crime or to require an explanation as to the source of funds.
  • 3. Which government entities enforce your jurisdiction’s money laundering laws?
  • 4. Can both natural and legal persons be prosecuted for money laundering?
  • 5. What constitutes money laundering?
  • 6. Is there any limitation on the types of assets or transactions that can form the basis of a money laundering offence?
  • 7. Generally, what constitute predicate offences?
  • 8. Are there any codified or common law defences to charges of money laundering?
  • 9. What is the range of outcomes in criminal money laundering cases?
  • More...

Anti-money laundering—Singapore—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to anti-money laundering in Singapore published as part of the Lexology Getting the Deal Through series by Law Business Research (published: June 2021).

Authors: Shook Lin & Bok LLP—Eric Chan; Agnes Lim

1. Identify your jurisdiction’s money laundering and anti-money laundering (AML) laws and regulations. Describe the main elements of these laws.

Singapore's legal framework for combating money laundering is contained in a patchwork of legal instruments, the main elements of which are:

  1. the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA): this statute criminalises money laundering and imposes the requirement for persons to file suspicious transaction reports and make a disclosure whenever physical currency exceeding a specified sum is carried into or out of Singapore;

  2. the Organised Crime Act 2015: this statute criminalises the commission of serious offences by organised criminal groups, including money laundering, and deprives persons involved in such organised crime activity of any benefits derived from it;

  3. the Mutual Assistance in Criminal Matters Act: this statute sets out the framework for mutual legal assistance in criminal matters; and

  4. legal instruments issued by regulatory agencies (such as the Monetary Authority of Singapore in relation to financial institutions (FIs)), imposing requirements to conduct customer due diligence.

2. Describe any specific powers to identify proceeds of crime or to require an explanation as

Popular documents