| 3:00pm |
Introduction to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT)
This session will lay the groundwork for deeper discussions on key legal aspects of AML / CFT. This will set the stage and provide a big-picture view of the current state of play.
Key topics
- Brief overview of how AML / CFT has developed and evolved with world events and over time, since the 9/11 terrorist attacks
- Legal requirements for legal practices and other regulated industries
Speaker
Cheryl Chong (Partner, Allen & Gledhill LLP)
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| 3:10pm |
1MDB and the Fujian Gang Cases
Discussion of two cases in the region which have had significant impact in terms of investigations and enforcement actions.
Key topics
- 1MDB: A Malaysian state-owned investment fund intended for economic development became the center of a massive corruption scandal involving the misappropriation of billions of dollars. Funds were allegedly used for personal gain, luxury purchases, and even to finance a Hollywood film. The scandal has led to investigations in multiple countries, the prosecution of high-ranking officials, and the loss of licences for two banks.
- The Fujian gang money laundering case in Singapore involved the prosecution of ten individuals, originally from Fujian, China, who laundered proceeds from overseas organized crime, particularly illegal online gambling. Authorities in Singapore seized and issued prohibition orders for assets worth over S$3 billion, including cash, properties, and luxury goods.
Speaker
Low Zhe Ning (Senior Associate, Allen & Gledhill LLP)
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| 3:35pm |
Lessons Learnt and Key Issues
Speakers will cover the lessons learnt and the relevant corporate governance issues for lawyers and their clients such as financial institutions, property developers, landlords, corporate secretarial service providers, as well as focus on the current gaps and challenges in AML / CFT.
Speakers
Aaron Lee (Partner, Co-Head of White Collar & Investigations Practice, Allen & Gledhill LLP)
Cheryl Chong (Partner, Allen & Gledhill LLP)
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| 4:10pm |
Panel Session
The Panel will delve into the lessons learnt, sharing practical steps to take from their experience and addressing queries from the audience.
Key topics
- When a Suspicious Transaction Report (STR) should be filed
- Best practices for AML policies
- Discussion of examples drawn from recent cases such as the prosecution of a solicitor for the failure to lodge as STR
- How legal counsel and compliance professionals may craft policies and communications to maintain transparency in their organisations.
Moderator
Cheryl Chong (Partner, Allen & Gledhill LLP)
Panellists
Jason Tan (Partner and Head of Forensic, KPMG Singapore)
Aaron Lee (Partner, Co-Head of White Collar & Investigations Practice, Allen & Gledhill LLP)
|
| 5:00pm |
Light Refreshments |
