Singapore’s legal regulator has imposed penalties on several law firms connected to real estate deals linked to the city-state’s largest-ever money laundering case from 2023.
According to the Director of Legal Services (DLS), supported by the Ministry of Law, two firms have been fined S$30,000 (€20,130) and S$100,000 respectively for violating anti-money laundering (AML) regulations.
Another firm is facing a proposed S$70,000 fine, while a fourth was issued a private reprimand. Additionally, one lawyer has been referred to the Law Society of Singapore for potential disciplinary proceedings.
These actions follow a broad investigation involving 24 law firms that handled property conveyancing for assets seized during large-scale raids in August 2023. The raids led to the arrest of 10 foreign nationals and the confiscation of assets now exceeding S$3 billion in value.
Prosecutors allege that the laundered funds stemmed from illegal online gambling and scam operations targeting individuals in mainland China.
The Ministry of Law emphasized: “All legal practices and lawyers must adhere to their anti-money laundering responsibilities under the Legal Profession Act.”
Under Singapore law, legal firms must carry out client risk assessments, conduct proper due diligence, report suspicious transactions when required, and maintain robust internal AML systems. They are also required to document decisions to continue representing clients when warning signs are present.
