June 2, 2017

Head of Regulatory Practice Nizam Ismail interviewed by Channel NewsAsia on the financial penalties imposed by MAS on Credit Suisse and UOB for 1MDB-related transactions

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.”
June 2, 2017

RHTLaw Taylor Wessing wins “CSR – Editor’s Award” at WealthBriefingAsia Awards 2017

RHTLaw Taylor Wessing emerged as a winner of the "CSR – Editor’s Award" at the 5th WealthBriefingAsia Awards. We are honoured to be the only firm nominated in this category. The triumph marks another milestone for the Firm and RHT Rajan Menon Foundation to be recognised as a corporate citizen and a leader in this space. The awards night on 1 June 2017 was held at the prestigious Westin Hotel in Singapore. RHTLaw Taylor Wessing has also been shortlisted by WealthBriefingAsia Singapore Awards 2017 in the categories of: Legal Team - South-East Asia Wealth Planning Team - South-East Asia Philanthropy Offering/Initiative of the Year
May 31, 2017

Head of Regulatory Practice Nizam Ismail quoted in The Edge article titled “1MDB Case: Will Malaysia, Abu Dhabi settlement deter Singapore” on how offences committed within Singapore will be assessed under Singapore laws

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.
May 29, 2017

RHT Rajan Menon Foundation raises $264,000 for beneficiaries at its third annual Charity Golf event 2017

RHT Rajan Menon Foundation Charity Golf 2017 was featured in The Straits Times article titled “Charity Golf tournament raises $264,000 for beneficiaries”. The article was first published in The Straits Times on 26 May 2017. Charity golf tournament raises $264,000 for beneficiaries Source: The Straits Times © Singapore Press Holdings Ltd. Date: 26 May 2017 Author: Aaron Chan SINGAPORE - Over a quarter of a million dollars was raised on Friday (May 26), at RHT Rajan Menon Foundation's third annual golf charity event held at the Singapore Island Country Club. A total of 40 companies and individuals donated $264,000, which will go towards two primary beneficiaries - The Straits Times School Pocket Money Fund and Singapore Management University Pro Bono Centre - as well as two selected organisations, namely the Singapore Red Cross Society and National Gallery Singapore. Over three years, the foundation has raised more than $600,000. One of its key donors is Qilin World Capital, who has been a supporter since 2015. Qilin's co-managing partner, Mr Raymond Lau, said: "Both the primary beneficiaries were set up to support children and youth from less fortunate circumstances. (Our company) believes that the right financing tools can help cultivate a culture of socially responsible individuals and provide educational development to the next generation." RHT Holdings's chief executive Mr Jayaprakash Jagateesan, who was speaking at the event's gala dinner on Friday said:"As leaders of the corporate world, we have the influence to inculcate the spirit of giving within our organisations, encouraging fellow colleagues and friends to behave in a socially responsible manner." The RHT Rajan Menon Foundation was established in 2015 and supports a variety of causes.