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Anti-Bribery & Money Laundering

Anti-Bribery & Money Laundering in Singapore’s Financial Landscape

Singapore’s Money Laundering Scandal 

Singapore, known for its fiercely guarded reputation as a global financial hub and growing asset management centre, is currently entangled in one of the most substantial money laundering scandals globally, with a staggering S$2.8 billion (US$2 billion) in seized assets. Entangling nearly 10 financial institutions on its web, which include some of the biggest local and international banks.

Banks Tighten Client Scrutiny

In response, Singaporean banks have instated stricter client scrutiny protocols, highlighting the urgency of combating illicit financial activities.

Scrutiny on Family Offices

Family offices, responsible for managing the wealth of affluent families, have also found themselves under scrutiny due to potential connections with some of the accused. Consequently, the Monetary Authority of Singapore is reviewing its internal processes for awarding tax incentives to family offices and has warned that they will tighten them where necessary.

Advomi’s Expertise in Navigating Regulatory Complexities

Tailored Solutions for Compliance

Advomi understands the complexities of anti-bribery and money laundering regulations and offers tailored solutions to help clients navigate these challenges effectively.

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Our panel of experienced lawyers is dedicated to assisting businesses and individuals in achieving compliance and addressing potential issues, including but not limited to: Comprehensive compliance assessments, Policy Design and Implementation, period and ongoing due diligence reviews, regulatory updates and crisis strategy.

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