15-07-2025
24 law firms probed for conveyancing of properties seized from money launderers, two to pay penalties
[SINGAPORE] Twenty-four law firms are being investigated by the government for their involvement in the conveyancing of real estate properties seized in 2023's S$3 billion anti-money laundering bust.
So far, probes against 11 have concluded, with the Director of Legal Services (DLS) ordering two law practices to pay penalties of S$30,000 and S$100,000, respectively.
A third law firm was issued a statutory notice of intention for a fine of S$70,000. A final decision will be made after receiving and considering its written representations, if any, said the Ministry of Law (MinLaw) in a press statement on Tuesday (Jul 15).
Another law practice was privately remanded, and a lawyer referred to the Law Society of Singapore for disciplinary action. No further regulatory action will be taken against the other seven law firms.
Meanwhile, the DLS is considering the inquiry findings for the remaining 13 law firms, and whether any other lawyers should be referred to the Law Society of Singapore for disciplinary action, said MinLaw.
Under the Legal Profession Act 1966, all law practices and lawyers are subjected to anti-money laundering obligations.
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These include performing an adequate analysis of the risks of money laundering related to each client, performing customer due diligence measures, filing a suspicious transaction report with the police if the firm or lawyer has reasonable grounds to suspect that the client may be engaged in money laundering, as well as substantiating and documenting reasons for the decision should they continue to act for the client despite these suspicions.
MinLaw said law practices should also have internal anti-money laundering policies, procedures and controls that fulfil the regulatory requirements and are sufficiently robust.
A law practice that breaches its anti-money laundering obligations is liable, among other things, to face regulatory control action against its licence.
Lawyers who breach their obligations are also liable, among other things, to face disciplinary proceedings that could result in monetary penalties, suspension from legal practice or disbarment.
'Singapore has a comprehensive anti-money laundering regime. However, the landscape is constantly changing, as new money laundering risks and typologies emerge,' said MinLaw.
'Everyone has a role in ensuring that Singapore's anti-money laundering systems continue to be robust.'
