Singapore’s AML/CFT Journey: From 1MDB to the Fujian Gang - Lessons Learnt and Why Some Old Habits Die Hard

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)

Discussion of two cases in the region which have had significant impact in terms of investigations and enforcement actions.

Key topics

• 1MDB: A massive corruption scandal involving billions of dollars. Investigations led to global legal actions and bank license revocations.
• The Fujian gang case in Singapore involved laundering S$3B in assets from illegal gambling, resulting in major prosecutions.

Speaker

Low Zhe Ning (Senior Associate, Allen & Gledhill LLP)

Covers corporate governance issues, and challenges in AML/CFT for lawyers, financial institutions, property developers, and others.

Speakers

Aaron Lee (Partner, Allen & Gledhill LLP)
Cheryl Chong (Partner, Allen & Gledhill LLP)

Panel discussion on practical AML policies and case insights. Includes Q&A.

Key topics

• When to file a Suspicious Transaction Report (STR)
• Best practices for AML policy
• Case: solicitor prosecuted for failing to lodge an STR
• How to craft transparent policies and communications

Moderator

Cheryl Chong (Partner, Allen & Gledhill LLP)

Panellists

Jason Tan (Partner, Head of Forensic, KPMG Singapore)
Aaron Lee (Partner, Allen & Gledhill LLP)