AML in CHINA

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TOMMY SEAH AML in CHINA

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  • COPYRIGHT2007 CFE-In-PRACTICE
  • AML in CHINA

    1. 1. presents AML in Singapore Policy Outside of Mainland China www.cfe-in-practice.org COPYRIGHT 2007 CFE-In-PRACTICE
    2. 2. www.cfe-in-practice.net
    3. 3. www.cfe-in-practice.net <ul><li>MAS 626 </li></ul><ul><li>BASIC PRINCIPLES AND POLICIES TO COMBAT MONEY LAUNDERING </li></ul><ul><li>3.1 The Authority seeks to combat money laundering by requiring banks to apply the following principles: </li></ul><ul><li>Know your customer </li></ul><ul><li>Compliance with laws </li></ul><ul><li>Co-operation with law enforcement agencies: </li></ul><ul><li>Policies, procedures and training </li></ul>
    4. 4. <ul><li>Lodging a STR as a Legal Obligation </li></ul><ul><li>A STR or disclosure of information can be made to a Suspicious Transaction Reporting Officer as defined under the CDSA , or a police officer (which include a Suspicious Transaction Reporting Officer) under the  TSOFA. </li></ul>www.cfe-in-practice.net
    5. 5. <ul><li>In practice, the STR or disclosure can be made directly to STRO, which is the central agency in Singapore for the receipt, analysis and dissemination of STRs. </li></ul>www.cfe-in-practice.net
    6. 6. <ul><li>Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act Cap 65A </li></ul><ul><li>The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, commonly known as the CDSA, is the primary legislation enacted to combat money laundering in Singapore. </li></ul>www.cfe-in-practice.net
    7. 7. <ul><li>The CDSA criminalises the laundering of proceeds derived from drug trafficking and 356 other serious offences and also allows for the confiscation of such proceed s. </li></ul>www.cfe-in-practice.net
    8. 8. <ul><li>Section 39(1) of the CDSA makes it mandatory for a person, who in the course of his business or employment , to lodge a Suspicious Transaction Report (STR) if he knows or has reason to suspect that any property may be connected to a criminal activity. The failure to do so may constitute a criminal offence. </li></ul>www.cfe-in-practice.net
    9. 9. <ul><li>Section 39 </li></ul><ul><li>The failure to do so may constitute a criminal offence. </li></ul>www.cfe-in-practice.net
    10. 10. <ul><li>Terrorism (Suppression of Financing) Act Cap 325 </li></ul><ul><li>The Terrorism (Suppression of Financing) Act ( TSOFA ) was passed on 8 July 2002 by Singapore Parliament to give effect to the International Convention for the Suppression of the Financing of Terrorism which Singapore signed on 18 December 2001. </li></ul>www.cfe-in-practice.net
    11. 11. www.cfe-in-practice.net The TSOFA not only criminalises terrorism financing but also imposes a duty on everyone to provide information pertaining to the terrorism financing to the Police. This obligation is laid out under Sections 8 and 10 of the TSOFA. The failure to do so may constitute a criminal offence.
    12. 12. www.cfe-in-practice.net
    13. 13. <ul><li>solution provided by </li></ul>www.cfe-in-practice.net
    14. 14. Copyright (c)2006 www.cfe-in-practice.net
    15. 15. <ul><li>Thank you </li></ul><ul><li>Ladies and Gentlemen </li></ul><ul><li>for the privilege. </li></ul><ul><li>Please feel very welcome to call me at </li></ul><ul><li>Tel. + (65) 9106 9872 </li></ul><ul><li>to know more. </li></ul>CFE- In-Practice www.cfe-in-practice.net Visit us at http://www.cfe-in-practice.net Integrity|Intelligence|Independence Tommy Seah CFE Regent Emeritus ACFE (Texas, USA) World Headquarters

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