$3b money laundering case: MinLaw acts against 4 law firms, 1 lawyer over seized properties
SINGAPORE - The Ministry of Law (MinLaw) has taken four law firms and one lawyer to task for providing legal services for the purchase of property related to the
$3 billion money laundering case .
In a press release on July 15, MinLaw said it is supporting the Director of Legal Services (DLS) in conducting inquiries into the law practices that were involved in the conveyancing of the real estate properties seized in an anti-money laundering operation in
August 2023 .
It said the DLS has conducted investigations into 24 law practices which were involved in providing legal services for the purchase of the real estate properties in question.
Investigations against 11 law practices have been concluded.
The director has ordered two law practices to pay financial penalties of $30,000 and $100,000 respectively.
A third law practice was issued a statutory notice of the intention to order that law practice to pay a financial penalty of $70,000. A final decision will be made after receiving and considering that firm's written representations, if any, MinLaw said.
It added that the DLS has privately reprimanded a fourth law practice, and also referred one lawyer to the Law Society of Singapore for disciplinary action.
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The director has decided it will not be necessary to take further regulatory action against seven law practices.
Added MinLaw: 'The DLS is considering the inquiry findings for the remaining 13 law practices, and whether any lawyers concerned should be referred to the Law Society of Singapore for disciplinary action.'
MinLaw said a law practice that breaches its anti-money laundering obligations can face regulatory control action against its licence.
A lawyer who breaches his or her anti-money laundering obligations can face disciplinary proceedings, which could result in monetary penalties, suspension from legal practice or disbarment.
Singapore's largest case of money laundering involving $3 billion in cash and assets saw 10 foreigners arrested in multiple islandwide raids here on Aug 15, 2023.
The nine men and one woman, who were originally from Fujian, China, were jailed, deported and barred from re-entering Singapore.
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