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Singapore Law Watch
18 hours ago
- Business
- Singapore Law Watch
$3b money laundering case: MinLaw acts against 4 law firms and 1 lawyer over seized properties
$3b money laundering case: MinLaw acts against 4 law firms and 1 lawyer over seized properties Source: Straits Times Article Date: 16 Jul 2025 Author: Samuel Devaraj The Director of Legal Services, a department under MinLaw, conducted investigations into 24 law practices, and 11 of the probes have been concluded. The Ministry of Law (MinLaw) has taken four law firms and one lawyer to task for anti-money laundering breaches over the purchase of properties in the $3 billion money laundering case, with one of the practices receiving the maximum penalty of $100,000. 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 seized in an anti-money laundering operation in August 2023. It said the DLS conducted investigations into 24 law practices that were involved, and 11 of the probes have been concluded. The DLS heads the Legal Services Regulatory Authority, which is a department under MinLaw that oversees the regulation of all law practice entities and the registration of foreign lawyers in Singapore. The DLS 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 it to pay a financial penalty of $70,000. A final decision will be made after receiving and considering the firm's written representations, if any, MinLaw said. The ministry added that the DLS privately reprimanded a fourth law practice, and also referred one lawyer to the Law Society of Singapore for disciplinary action. MinLaw did not name the four law practices and the lawyer that have received enforcement action in its press release. The Straits Times has contacted the ministry for more information. The DLS has decided it will not be necessary to take further regulatory action against seven other law practices. Said 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.' Among its roles, the Law Society maintains the standards of conduct of the legal profession in Singapore. MinLaw added that a law practice that breaches its anti-money laundering obligations can face regulatory control action against its licence. In response to queries from ST, a MinLaw spokesperson said law practices found to have breached their anti-money laundering obligations under the Legal Profession Act may be given a warning, ordered to pay a penalty of up to $100,000, or have their law practice licence suspended or revoked. 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. MinLaw noted that all law practices and lawyers are subject to anti-money laundering obligations under the Legal Profession Act. These obligations include analysing money laundering risks relating to each client and performing customer due diligence measures that are commensurate with the client's risk profile. A law practice or lawyer also must file a suspicious transaction report (STR) with the police if they suspect the client may be engaged in money laundering, MinLaw noted. It added that if a law practice or lawyer decides to continue to act for the client despite these suspicions, it should substantiate and document the reasons for the decision. It must also adopt enhanced customer due diligence and monitoring measures. MinLaw said law practices must also have internal anti-money laundering policies, procedures and controls that fulfil the regulatory requirements and are sufficiently robust. The ministry said it issued a guidance note to the legal industry on June 23 to highlight the responsibilities of law practices and lawyers under their statutory anti-money laundering obligations. The note covered areas including analysing client risk, identifying material red flags, establishing a client's source of wealth and the timeline for filing an STR. MinLaw said that while Singapore has a comprehensive anti-money laundering regime, the landscape is constantly changing as new money laundering risks and methods emerge. It added: 'Everyone has a role in ensuring that Singapore's anti-money laundering systems continue to be robust, from the law enforcement agencies, to the service providers such as the financial institutions and law practices, to the general public.' The law firms and lawyer were the latest to be dealt with in relation to the $3 billion money laundering case. On July 4, the Monetary Authority of Singapore (MAS) said nine financial institutions were given $27.45 million in composition penalties, and action was taken against 18 staff. MAS said the financial institutions did not adequately check on customers' sources of wealth, even though there were discrepancies in the documents they had provided. Eight of the nine institutions did not adequately investigate suspicious transactions flagged by their own systems. For the staff, breaches included failure to detect or adequately assess multiple deficiencies during the onboarding of higher-risk customers. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
AsiaOne
2 days ago
- Business
- AsiaOne
$3b money laundering case: MinLaw acts against 4 law firms and 1 lawyer over seized properties , Singapore News
SINGAPORE — The Ministry of Law (MinLaw) has taken four law firms and one lawyer to task for anti-money laundering breaches over the purchase of properties in the $3 billion money laundering case, with one of the practices receiving the maximum penalty. 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 seized in an anti-money laundering operation in August 2023. It said the DLS conducted investigations into 24 law practices that were involved, and 11 of the probes have been concluded. The DLS heads the Legal Services Regulatory Authority, which is a department under MinLaw that oversees the regulation of all law practice entities and the registration of foreign lawyers in Singapore. The DLS 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 it to pay a financial penalty of $70,000. A final decision will be made after receiving and considering the firm's written representations, if any, MinLaw said. The ministry added that the DLS privately reprimanded a fourth law practice, and also referred one lawyer to the Law Society of Singapore for disciplinary action. MinLaw did not name the four law practices and the lawyer that have received enforcement action in its press release. The Straits Times has contacted the ministry for more information. The DLS has decided it will not be necessary to take further regulatory action against seven other law practices. Said 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." Among its roles, the Law Society maintains the standards of conduct of the legal profession in Singapore. MinLaw added that a law practice that breaches its anti-money laundering obligations can face regulatory control action against its licence. In response to queries from The Straits Times, a MinLaw spokesperson said law practices found to have breached their anti-money laundering obligations under the Legal Profession Act may be given a warning, ordered to pay a penalty of up to $100,000, or have their law practice licence suspended or revoked. 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. MinLaw noted that all law practices and lawyers are subject to anti-money laundering obligations under the Legal Profession Act. These obligations include analysing money laundering risks relating to each client and performing customer due diligence measures that are commensurate with the client's risk profile. A law practice or lawyer also must file a suspicious transaction report (STR) with the police if they suspect the client may be engaged in money laundering, MinLaw noted. It added that if a law practice or lawyer decides to continue to act for the client despite these suspicions, it should substantiate and document the reasons for the decision. It must also adopt enhanced customer due diligence and monitoring measures. MinLaw said law practices must also have internal anti-money laundering policies, procedures and controls that fulfil the regulatory requirements and are sufficiently robust. The ministry said it issued a guidance note to the legal industry on June 23 to highlight the responsibilities of law practices and lawyers under their statutory anti-money laundering obligations. The note covered areas including analysing client risk, identifying material red flags, establishing a client's source of wealth and the timeline for filing an STR. MinLaw said that while Singapore has a comprehensive anti-money laundering regime, the landscape is constantly changing as new money laundering risks and methods emerge. It added: "Everyone has a role in ensuring that Singapore's anti-money laundering systems continue to be robust, from the law enforcement agencies, to the service providers such as the financial institutions and law practices, to the general public." The law firms and lawyer were the latest to be dealt with in relation to the $3 billion money laundering case. On July 4, the Monetary Authority of Singapore (MAS) said nine financial institutions were given $27.45 million in composition penalties, and action was taken against 18 staff. MAS said the financial institutions did not adequately check on customers' sources of wealth, even though there were discrepancies in the documents they had provided. Eight of the nine institutions did not adequately investigate suspicious transactions flagged by their own systems. For the staff, breaches included failure to detect or adequately assess multiple deficiencies during the onboarding of higher-risk customers. [[nid:719802]] This article was first published in The Straits Times . Permission required for reproduction.
Business Times
2 days ago
- Business
- Business Times
24 law firms probed for conveyancing of properties seized from money launderers, two to pay penalties
[SINGAPORE] Twenty-four law firms are being investigated by the government for their involvement in the conveyancing of real estate properties seized in 2023's S$3 billion anti-money laundering bust. So far, probes against 11 have concluded, with the Director of Legal Services (DLS) ordering two law practices to pay penalties of S$30,000 and S$100,000, respectively. A third law firm was issued a statutory notice of intention for a fine of S$70,000. A final decision will be made after receiving and considering its written representations, if any, said the Ministry of Law (MinLaw) in a press statement on Tuesday (Jul 15). Another law practice was privately remanded, and a lawyer referred to the Law Society of Singapore for disciplinary action. No further regulatory action will be taken against the other seven law firms. Meanwhile, the DLS is considering the inquiry findings for the remaining 13 law firms, and whether any other lawyers should be referred to the Law Society of Singapore for disciplinary action, said MinLaw. Under the Legal Profession Act 1966, all law practices and lawyers are subjected to anti-money laundering obligations. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up These include performing an adequate analysis of the risks of money laundering related to each client, performing customer due diligence measures, filing a suspicious transaction report with the police if the firm or lawyer has reasonable grounds to suspect that the client may be engaged in money laundering, as well as substantiating and documenting reasons for the decision should they continue to act for the client despite these suspicions. MinLaw said law practices should also have internal anti-money laundering policies, procedures and controls that fulfil the regulatory requirements and are sufficiently robust. A law practice that breaches its anti-money laundering obligations is liable, among other things, to face regulatory control action against its licence. Lawyers who breach their obligations are also liable, among other things, to face disciplinary proceedings that could result in monetary penalties, suspension from legal practice or disbarment. 'Singapore has a comprehensive anti-money laundering regime. However, the landscape is constantly changing, as new money laundering risks and typologies emerge,' said MinLaw. 'Everyone has a role in ensuring that Singapore's anti-money laundering systems continue to be robust.'
Straits Times
2 days ago
- Business
- Straits Times
$3b money laundering case: MinLaw acts against 4 law firms, 1 lawyer over seized properties
Find out what's new on ST website and app. 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. Top stories Swipe. Select. Stay informed. Business 'Some cannot source outside China': S'pore firms' challenges and support needed amid US tariffs Multimedia From local to global: What made top news in Singapore over the last 180 years? World Trump arms Ukraine and threatens sanctions on countries that buy Russian oil Singapore Turning tragedy into advocacy: Woman finds new purpose after paralysis Opinion Sumiko at 61: Everything goes south when you age, changing your face from a triangle to a rectangle Sport World Aquatics C'ship women's 10km open water swimming event delayed by a day due to water quality Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun 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.
Miami Herald
09-07-2025
- Automotive
- Miami Herald
Singer Wows The Goodwood Crowds With Its Latest 911 Restomod
Singer's first appearance at the Goodwood Festival of Speed was back in 2015, and in 2025, the company has reached the milestone of restoring and delivering 500 Classic, Classic Turbo, or DLS vehicles since its founding. As part of this year's extravaganza, the company is presenting two Porsche 911 Carrera Coupes reimagined by Singer, one of which will take to the famous Goodwood Hillclimb, while the other will be on display outside the Stable Yard, giving visitors to the event a taste of its soundtrack and a close-up look at all the details, which, as always, are immaculate. Just 100 will be made, but they won't be done quickly. The reimaginings start with Singer's usual foundation, the 964-generation Porsche 911, which is fully disassembled and stripped until the steel chassis is exposed. This is meticulously assessed, cleaned, and prepared before chassis strengthening - developed with Red Bull Advanced Technologies - is applied to enhance rigidity, thereby allowing the chassis to make the most of its new engine, which is derived, in part, from that of the DLS program. The body is then widened to mimic the swollen stance of the original 930 Porsche 911 Turbo. In collaboration with Cosworth, the 911's flat-six has been significantly enhanced, even over previous similar reimaginings. For the first time, a Singer gets variable valve timing and water-cooled cylinder heads with air-cooled cylinders. There's also an electric fan that owes some of its existence to the DLS Turbo Study - necessary when the 4.0-liter engine delivers 420 horsepower and revs to over 8,000 rpm, which can be heard through a new titanium exhaust system. This is paired with a six-speed manual gearbox, and Singer will gladly fit an exposed shift mechanism to highlight the detail of this restomod's beauty. Although the mechanical elements are the most attractive to the gearhead, Singer hasn't stayed stagnant when it comes to the cabin either, displaying leatherwork on both these reimaginations that features stitched and burnished seams, which requires hand-painting after edge sanding and takes 400 hours per car. The first car, finished in Celeste Passalacqua, features Mars Pink elements of velvet corduroy cloth, while the Giallo Segnale example gets a special Interferenza cloth in black. 18-inch centerlock wheels, air conditioning, carbon-ceramic brakes, and a choice of sports or lightweight track seats - these are elements that highlight the duality of the new Singer builds, blending high-performance engineering with extraordinary craftsmanship to create a car that can hustle on the track and draw gasps of adulation and wonder when static. For a company only founded in 2009, that's a remarkable balance to manage with such poise, but Singer pulls it off once again. We can't wait to see what the next decade of Goodwood exhibits will bring. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
