Featured Singapore

How shadowy brokers allegedly launder billions for crypto criminals

Criminals have long turned to cryptocurrencies like Bitcoin to carry out crimes including ransomware and extortion. But as law enforcement has improved at tracking the semi-anonymous currencies, criminals have had to devise new tactics for turning ill-gotten crypto proceeds back into cash. In response, a… Read More

MAS Adopts FATF Standards on VASPs in Payment Services Act

MAS (Monetary Authority of Singapore) has issued a consultation paper on proposed amendments to the Payment Services Act 2019 in relation to AML/CFT and other matters. The Payment Services Act 2019 will commence on 28 January 2020, applying AML/CFT measures to all three classes of payment service providers: holders of… Read More

Asia-Pacific Wealth Migration Trends Heighten Financial Crime Risk

Ongoing political demonstrations in Hong Kong are impacting APAC financial markets by accelerating wealth migration trends and increasing financial crime risk. As the risk profile in the region evolves, regulators increasingly expect financial institutions to leverage technology to meet compliance demands. This unexpected upheaval and changing regulatory landscape should serve… Read More
10th December 2019
A Swiss court convicted a Belgian lawyer on Monday of money-laundering and forgery for taking shares now worth more than 60 million Swiss francs ($60 million) from Belgium’s richest family and stashing them in accounts and offshore companies. The unidentified defendant, who denied the charges, was sentenced to 30 months,… Read More
4th December 2019
Swiss financial markets supervisor FINMA must reconsider its confiscation of 95 million Swiss francs ($95.27 million) from Banca della Svizzera Italiana (BSI), after a court called its calculation of the amount seized “incomprehensible”. BSI was bought by EFG International in 2016 from Brazil’s BTG Pactual after becoming tangled in legal… Read More
3rd December 2019
A Belgian lawyer appeared in a Geneva court on Monday accused of money-laundering and falsifying documents in a case involving Belgium’s richest family, who say she swindled missing shares in brewer InBev worth some $60 million today. The woman, who denies the charges, was convicted in 2016 by a Luxembourg… Read More
29th November 2019
Police from Hong Kong, Macau, Malaysia and Singapore mounted a joint operation and busted a transnational syndicate that swindled 139 women out of HK$34 million (US$4.34 million) in online romance scams, local police said on Thursday. The three-day transnational police operation, code-named “Soarblaze”, led to the arrests of 39 people,… Read More
26th November 2019
Two bankers who worked at Coutts private bank in Zurich were fined by the Swiss authorities for failing to report suspicious transactions linked to the sovereign wealth fund 1MDB scandal, it was reported on Sunday. The Sonntag Zeitung and Le Matin Dimanche newspapers reported on Sunday that two Coutts bankers who… Read More
21st November 2019
Russian oligarch Mikhail Abyzov built a complex network of offshore companies that were used to move a fortune out of Russia, according to a Swedbank internal draft report obtained by OCCRP and its Swedish partner, national public TV channel Sveriges Television (SVT). Today he’s charged with defrauding the Russian government… Read More
18th November 2019
Three prime ministers took to a stage in the ballroom of a five-star London hotel this week offering the world’s wealthiest people “golden passports” and citizenship of their countries in return for hundreds of thousands of pounds of investment or flat “contributions”. Allen Chastanet, the prime minister… Read More
14th November 2019
The Monetary Authority of Singapore (MAS) will have a second go at its failed electronic know-your-customer (e-KYC) project, said MAS managing director Ravi Menon on Wednesday. The centralised KYC utility idea was first proposed in 2017, and was meant to allow financial institutions to identify and verify potential customers’ details… Read More
6th November 2019
Malaysia is working to locate at least $4.3 billion in assets that have yet to be accounted for in a global money laundering probe into state fund 1MDB, its anti-corruption chief said on Tuesday. U.S. authorities say about $4.5 billion was siphoned from sovereign wealth fund 1Malaysia Development Berhad (1MDB)… Read More
28th October 2019
Marilyn Monroe may have sung that diamonds are a girl’s best friend, but when it comes to sparklers, regulators here are keeping their friends close – and their enemies closer. Precious stones and metals dealers (PSMDs) must register with the Ministry of Law (MinLaw)to keep plying their trade, under legislation… Read More