https://www.channelnewsasia.com/sin...ering-case-properties-law-firms-fined-5238561
Billion-dollar money laundering case: 4 law firms dealt with over conveyancing of properties
One lawyer has been flagged for disciplinary action.SINGAPORE: Two law practices which provided legal services for the purchase of properties seized in Singapore’s billion-dollar money laundering case have been ordered to pay tens of thousands worth of financial penalties.
The Ministry of Law said on Tuesday (Jul 15) that it had been supporting the director of legal services to conduct inquiries into 24 law practices that were involved in the conveyancing of the real estate properties seized in an anti-money laundering operation in August 2023.
Investigations into 11 law practices have been concluded, said the law ministry on Tuesday in a press release.
Two law practices were ordered to pay S$30,000 and S$100,000 in financial penalties, respectively.
“The director of legal services has issued a third law practice with a statutory notice of the intention to order that law practice to pay a financial penalty of S$70,000,” added the ministry.
“A final decision will be made upon receiving and considering the law practice’s written representations, if any.”
A fourth law practice has been privately reprimanded by the director of legal services while one lawyer has been referred to the Law Society of Singapore for disciplinary action.
“The director of legal services has determined that it will not be necessary to take further regulatory action against seven law practices,” said the law ministry.
Inquiry findings for the remaining 13 law practices, and whether any lawyers concerned should be referred to the Law Society of Singapore for disciplinary action, are being considered, it added.
All law practices and lawyers are subject to anti-money laundering obligations under the Legal Profession Act 1966.
These obligations include performing an adequate analysis of the risks of money laundering in relation to each client and performing customer due diligence measures that are in line with a client’s risk profile.
The money-laundering case involved millions of dollars earned over the years from an illicit gambling ring - with Southeast Asian bases and aimed at punters in China - were turned into luxury cars, extravagant watches, properties in Singapore’s most lavish neighbourhoods, jewellery, designer goods, cryptocurrency and cold, hard cash.
Fifty-four properties were seized as of December 2024.
