RHTLaw Taylor Wessing Head of Regulatory Practice Nizam Ismail was interviewed by Channel NewsAsia on the financial penalties imposed by the Monetary Authority of Singapore (MAS) on Credit Suisse and UOB for 1MDB-related transactions.
The full interview was published on Channel NewsAsia’s Singapore Tonight segment on 30 May 2017.
Following the MAS two year review of banks involved in 1MDB-related transactions, latest inspections on Credit Suisse and UOB revealed several breaches of anti-money laundering (AML) requirements and control lapses. As a result, financial penalties amounting to S$700,000 and S$900,000 were imposed on the banks respectively.
Despite the complexity of the 1MDB case, the MAS has taken extensive actions to strengthen its AML regime. Nizam said, “While the MAS has promised a few things, it has revamped its AML laws over the last few years to prepare Singapore for the financial action task for evaluation. It has also formed a new AML enforcement department.”
“MAS will not hesitate to name and shame errant bands and I think MAS has kept its promise,” said Nizam.
To date, the MAS has imposed financial penalties amounting to S$29 million on eight banks.
Moving forward, Nizam points out that banks may be required to bring more experienced compliance officers on board to spot red flags in advance. With higher systems and hiring costs, Nizam shared, “We already have seen a phenomenon where banks transfer some of the cost of doing customer due diligence back to their clients.”
RHTLaw Taylor Wessing Head of Regulatory Practice Nizam Ismail was quoted in The Edge article titled “1MDB Case: Will Malaysia, Abu Dhabi settlement deter Singapore”.
The article was first published in The Edge Singapore on 1 May 2017.
The article discussed about the agreement between Malaysia and Abu Dhabi to settle a dispute involving billions of dollars’ worth of bonds issued by 1Malaysia Development Bhd (1MDB). Nizam commented that “the settlement between Malaysia and Abu Dhabi will have no bearing on cases of individuals being prosecuted in Singapore. Instead, the key factors are what acts took place, the state of mind of the persons involved in these acts at the material time, and the events that happened at the time.” He went on to share that “Singapore authorities will make the assessment, under Singapore laws, as to whether any offence has been committed within Singapore.”
The full article dated Monday 1 May 2017, can be found in The Edge Singapore.
RHTLaw Taylor Wessing Family and Matrimonial Law Partner Michelle Woodworth wrote an article published in AsiaOne titled “The divorced mum's guide to surviving Mothers' Day”.
The article was first published in the 12 May 2017 edition of AsiaOne.
The divorced mum's guide to surviving Mothers' Day
Date: 12 May 2017
Author: Michelle Woodworth
Mother's Day is when most families look forward to celebrating their mothers, but for divorced mums, commemorating motherhood in the void of a family nucleus may not be a jubilant Sunday.
As a family lawyer, I've had clients tell me that their first few Mothers' Days post-divorce were the most difficult.
"A sad and lonely time", as one client described it. On a day where social media feeds boast pictures of intact-family celebrations, typically orchestrated by dads taking charge of helping to pick out presents, flowers or surprising mum with breakfast in bed, divorced mums can feel as though they are missing out.
Being a mother takes an inexplicable amount of sacrifice, courage and strength - regardless of marital status. That deserves to be celebrated, affirmed and appreciated. As a mother who adores her daughter and as a daughter who admires her mum, I understand that motherhood is more than just a Sunday in May.
Here are five tips to celebrating you:
1. Remember that you have a cause to celebrate
Take charge to make this day special by planning the day to make it meaningful. Consider roping in your own mum, sisters, aunts and have a multigenerational celebration. Celebrate the day Singapore-style with food, food, food! Prepare ahead by pre-arranging with your ex for your children to spend Mothers' Day with you if arrangements dictate otherwise.
2. Set aside time for your children
Remember that you can make this day about celebrating your children in as much as it is about celebrating you. Step out of the day-to-day routine and do something different with your children. Take your younger kids to the beach or even to a trampoline park. If your children are older, share life experiences over a drawn out meal.
3. Relinquish old expectations and create new family traditions
It may be challenging to celebrate Mothers' Day without a spouse's help, but things can get easier. Establish new traditions with your children so that they will look back with fondness when they are older. Over and above all else, do not feel guilty about the divorce.
4. Connect socially through a support group
Mothers' Day may be a good time to look out for other divorced mums who may be spending the day alone. Make plans with them, be it over coffee, sharing stories, or exchanging tips on juggling home and work lives. Encourage one another!
5. Love yourself
Reflect on and recognise your achievements, notwithstanding the inevitable struggles in raising your children. Avoid comparing yourself with other mums. Be optimistic and keep your chin up! Know that you are unique; yesterday, today, tomorrow and always!
And to all mothers out there, a very happy Mothers' Day!
Michelle Woodworth is a Partner at RHTLaw Taylor Wessing, Court-appointed Child Representative, Senior Mediator under the Law Society Mediation Scheme, and an IMI and SIMI certified Mediator.