Law Soc: Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership Best Practices Papers
Effective: 01 May 2018
In May 2018, the Anti-Money Laundering ('AML') and Countering the Financing of Terrorism ('CFT') Industry Partnership ('ACIP') released two sets of best practices for guarding against (i) trade-based money laundering; and (ii) the misuse of company structures for illicit purposes.
The papers were produced by industry-led working groups. They highlight 'red flag' customer behaviours or transaction patterns that may be used to detect illicit financial activities, and are also relevant to professional services providers such as lawyers:
More information can also be found at the Monetary Authority of Singapore's website.