Identifier
Created
Classification
Origin
07SINGAPORE1426
2007-08-02 02:33:00
UNCLASSIFIED
Embassy Singapore
Cable title:
LEGAL PROFESSION ADOPTS ENHANCED AML/CFT MEASURES
VZCZCXYZ0000 RR RUEHWEB DE RUEHGP #1426 2140233 ZNR UUUUU ZZH R 020233Z AUG 07 FM AMEMBASSY SINGAPORE TO RUEHC/SECSTATE WASHDC 3692 INFO RUCPDOC/DEPT OF COMMERCE WASHDC RUEAWJA/DEPT OF JUSTICE WASHDC RUEATRS/DEPT OF TREASURY WASHDC RUEAHLC/DEPT OF HOMELAND SECURITY CENTER WASHINGTON DC RUEABND/DEA HQS WASHDC
UNCLAS SINGAPORE 001426
SIPDIS
STATE PASS TREASURY FOR PDEGARABEDIAN
FINCEN FOR RMILLER
SIPDIS
E.O. 12958: N/A
TAGS: ETTC KCRM EFIN KTFN SN
SUBJECT: LEGAL PROFESSION ADOPTS ENHANCED AML/CFT MEASURES
REF: SINGAPORE 703
UNCLAS SINGAPORE 001426
SIPDIS
STATE PASS TREASURY FOR PDEGARABEDIAN
FINCEN FOR RMILLER
SIPDIS
E.O. 12958: N/A
TAGS: ETTC KCRM EFIN KTFN SN
SUBJECT: LEGAL PROFESSION ADOPTS ENHANCED AML/CFT MEASURES
REF: SINGAPORE 703
1. The Law Society of Singapore recently amended its Legal
Profession (Professional Conduct) Rules to strengthen its anti-
money laundering (AML) requirements. The revised regulations,
which come into effect August 15, represent another effort by
Singapore to bring its AML (and countering the financing of
terrorism or CFT) regime into alignment with Financial Action
Task Force (FATF) recommendations (reftel). FATF will conduct
an on-site assessment of Singapore in September.
2. The Law Society, which governs the conduct of Singapore's
legal profession under the Legal Profession Act, will require
its members to:
-- undertake enhanced customer due diligence, including for
clients of agents or other entities;
-- demonstrate clear knowledge of their clients' business
activities;
-- retain client records for at least five years; and
-- report suspicious transactions to the Suspicious Transactions
Reporting Office (Singapore's Financial Intelligence Unit).
3. The amended rules also prohibit attorneys from acting on
behalf of anonymous clients to open or maintain bank accounts or
to hold cash or cash instruments.
4. Details concerning the amended regulations are available
online at www.lawsociety.org.sg.
HERBOLD
SIPDIS
STATE PASS TREASURY FOR PDEGARABEDIAN
FINCEN FOR RMILLER
SIPDIS
E.O. 12958: N/A
TAGS: ETTC KCRM EFIN KTFN SN
SUBJECT: LEGAL PROFESSION ADOPTS ENHANCED AML/CFT MEASURES
REF: SINGAPORE 703
1. The Law Society of Singapore recently amended its Legal
Profession (Professional Conduct) Rules to strengthen its anti-
money laundering (AML) requirements. The revised regulations,
which come into effect August 15, represent another effort by
Singapore to bring its AML (and countering the financing of
terrorism or CFT) regime into alignment with Financial Action
Task Force (FATF) recommendations (reftel). FATF will conduct
an on-site assessment of Singapore in September.
2. The Law Society, which governs the conduct of Singapore's
legal profession under the Legal Profession Act, will require
its members to:
-- undertake enhanced customer due diligence, including for
clients of agents or other entities;
-- demonstrate clear knowledge of their clients' business
activities;
-- retain client records for at least five years; and
-- report suspicious transactions to the Suspicious Transactions
Reporting Office (Singapore's Financial Intelligence Unit).
3. The amended rules also prohibit attorneys from acting on
behalf of anonymous clients to open or maintain bank accounts or
to hold cash or cash instruments.
4. Details concerning the amended regulations are available
online at www.lawsociety.org.sg.
HERBOLD