Singapore launches best practice papers on TBML and illicit company structures

Singapore has today launched two best practice papers for financial institutions to guard against trade-based money laundering (TBML) and the misuse of company structures for illicit purposes.

The papers were published by the Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP).

Red flags and typologies

The two papers – Misuse Typologies and Best Practices and Best Practices for Countering Trade Based Money Laundering – discuss common red flags linked to TBML, as well as recent typologies involving the misuse of companies and other legal entities.

The two papers also recommend measures financial institutions can take to identify or prevent such activities.

Working groups

Two industry-led working groups, comprising representatives from major banks, professional service providers and government agencies in Singapore produced the papers.

The recommendations are also relevant for professional service providers outside the financial sector, such as lawyers, accountants and company services providers.

Private-public partnership

Established in April 2017, ACIP is private-public partnership co-chaired by the Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force.

A steering group comprising 8 banks and the Association of Banks in Singapore (ABS) supports the partnership.

The two papers are available here:

Legal Persons – Misuse Typologies and Best Practices

Best Practices for Countering Trade Based Money Laundering



Categories: Trade Based Financial crimes News

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