Anti-money Laundering Advisory - 21 April 2018

The Singapore government takes a firm and robust stance against money laundering activities. In this regard, the Council of the Law Society would like to remind all members of their statutory obligation under section 39(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act ('CDSA') to report a suspicious transaction to the authorities.

Section 39(1) of the CDSA reads:

“Where a person knows or has reasonable grounds to suspect that any property -

 

(a)

in whole or in part, directly or indirectly, represents the proceeds of;

 

(b)

was used in connection with; or

 

(c)

is intended to be used in connection with,

any act which may constitute drug dealing or criminal conduct, as the case may be, and the information or matter on which the knowledge or suspicion is based came to his attention in the course of his trade, profession, business or employment, he shall disclose the knowledge or suspicion or the information or other matter on which that knowledge or suspicion is based to a Suspicious Transaction Reporting Officer as soon as is reasonably practicable after it comes to his attention."

In summary, if you know or have reasonable grounds to suspect that any property may be connected with a criminal activity, you are obliged to file a Suspicious Transaction Report ('STR'). Suspicious transaction reports should be lodged with the Commercial Affairs Department ('CAD'). Please refer to the CAD's website for more information.

Should you require any assistance or have any clarifications or queries relating to the above, please feel free to e-mail compliance@lawsoc.org.sg.

The Council of the Law Society of Singapore