MinLaw Penalises 4 Law Firms, Refers Lawyer in $3B Money Laundering Case
MinLaw Penalises 4 Law Firms, Refers Lawyer in $3B Money Laundering Case

MinLaw Penalises 4 Law Firms, Refers Lawyer in $3B Money Laundering Case

News summary

The Ministry of Law (MinLaw) in Singapore has taken enforcement action against four law firms and one lawyer involved in the conveyancing of real estate tied to a $3 billion money laundering scandal linked to an illegal gambling syndicate operating across Southeast Asia and targeting China. Investigations into 24 law practices found that two firms were fined S$30,000 and S$100,000 respectively, while a third faces a potential S$70,000 penalty pending review. A fourth firm received a private reprimand, and one lawyer was referred to the Law Society for disciplinary proceedings. No further action will be taken against seven law firms, while inquiries into the remaining 13 are ongoing. The illicit funds were laundered through luxury asset purchases and over 150 properties were seized. The Ministry emphasized the legal profession’s obligations under anti-money laundering laws, including risk assessments and customer due diligence, with penalties for breaches ranging from fines to suspension or disbarment.

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