Singapore’s High Court has ruled in favour of J P Morgan Chase Bank after it was sued for refusing to pay a coal trader under two letters of credit (L/Cs) because its sanctions screening revealed that doing so would have… Read More ›
Singapore
Financial institutions in Singapore reminded to continue to refer to latest FATF statements on DPRK, Iran and Myanmar
Financial institutions in Singapore have been advised by the country’s regulator that they should continue to refer to the Financial Action Task Force (FATF) statement of February 2020 in respect of the Democratic People’s Republic of Korea (DPRK) and Iran… Read More ›
Supply chain visibility needed to see criminals using trade finance to launder money says ADB expert
We need to be able to see deep inside supply chains to know whether criminals are using trade finance to launder money says head of trade and supply-chain finance at the Asian Development Bank (ADB), Steven Beck. Replacing paper trails… Read More ›
FATF and INTERPOL joint initiative to prioritise cross-border tracing, seizure and confiscation of criminal assets
Illicit asset recovery is set to play a more significant role in global efforts to deprive criminals of their ill-gotten gains with the announcement of a joint initiative launched by the Financial Action Task Force (FATF) and INTERPOL to recover… Read More ›
Landmark World Bank report kicks off review of risk-based AML/CFT approach
Nearly a decade after the Financial Action Task Force (FATF) introduced requirements for National Risk Assessments (NRAs) of money laundering and terrorism financing (ML/TF) risks, the international community is at the right point to review the past 10 years and… Read More ›
IWT Financial Flows Toolkit launched to support financial institutions
A toolkit aimed at supporting financial institutions in addressing and reporting suspicious transactions relating to the illegal wildlife trade (IWT) has been launched. Developed by the UK Serious Organised Crime Network in collaboration with the UAE government, WWF, TRAFFIC and… Read More ›
Singapore responds to Pandora Papers by mulling changes to AML/CFT controls
The Monetary Authority of Singapore (MAS) is consulting with the country’s financial institutions as it mulls possible changes to its anti-money laundering and counter financing of terrorism (AML/CFT) regime in the light of revelations in the so-called Pandora Papers according… Read More ›
Misuse of trade finance, abuse of shell companies and proliferation financing targeted in Singapore’s digital platform for information sharing
Countering the misuse of trade finance for illicit purposes, abuse of shell companies and proliferation financing (PF) will be the initial three key financial crime risks in commercial banking focused on in Singapore’s new ambitious digital platform for financial institutions… Read More ›