What constitutes money laundering?
Business,Business Advice

Reading Time: 9 minutesMoney makes the world go around. This phrase very aptly describes the reason behind the innumerable safeguards against money laundering. Money laundering can be defined as the process of converting money obtained from criminal activities into money that appears to have been obtained from legitimate means. The issue of money laundering has been in the […]

MAS Proposes Changes to AML/CFT Requirements for Licensed Money-Changers and Remittance Businesses
Business

Reading Time: 3 minutesOn 16 January 2018, the Monetary Authority of Singapore (“MAS“) issued a consultation paper inviting comments on its proposal to amend anti-money laundering and countering the financing of terrorism (“AML/CFT“) requirements imposed on licensed money-changers and remittance businesses. MAS intends to implement these measures by issuing a new notice that would prohibit issuance of bearer […]