RHTLaw Taylor Wessing Head of Regulatory Practice Nizam Ismail was interviewed by Channel NewsAsia on the strong signals sent out by the Monetary Authority of Singapore (MAS) to enforce anti-money laundering (AML) controls in Singapore. The interview was featured on Channel NewsAsia’s Singapore Tonight segment on 12 July 2017.
This interview makes relation to the additional jail time sentence to former BSI banker, Yeo Jia Wei, by the Singapore courts after MAS wrapped up a two-year investigation linked to the Malaysian state fund 1MDB.
Nizam pointed out that MAS’ AML controls and intensified supervision of financial institutions sends “a very chilling effect on the Management and Board of Directors of banks”. He noted that these signals are important for banks to assess the extent to which they understand AML and terrorist financing risk, and what they are putting in place to protect their institutions.
He added, “this is also a reality for Singapore being an international hub for private banking and wealth management. The fact is that we are located in a region where there is a risk for corruption, and when there is a risk for corruption, there is always a risk for money laundering.”