Latest news with #legal services
CNA
15-07-2025
- Business
- CNA
Billion-dollar money laundering case: 4 law firms dealt with over conveyancing of properties
SINGAPORE: Two law practices which provided legal services for the purchase of properties seized in Singapore's billion-dollar money laundering case have been ordered to pay tens of thousands worth of financial penalties. The Ministry of Law said on Tuesday (Jul 15) that it had been supporting the director of legal services to conduct inquiries into 24 law practices that were involved in the conveyancing of the real estate properties seized in an anti-money laundering operation in August 2023. Investigations into 11 law practices have been concluded, said the law ministry on Tuesday in a press release. Two law practices were ordered to pay S$30,000 and S$100,000 in financial penalties, respectively. 'The director of legal services has issued a third law practice with a statutory notice of the intention to order that law practice to pay a financial penalty of S$70,000,' added the ministry. 'A final decision will be made upon receiving and considering the law practice's written representations, if any.' A fourth law practice has been privately reprimanded by the director of legal services while one lawyer has been referred to the Law Society of Singapore for disciplinary action. 'The director of legal services has determined that it will not be necessary to take further regulatory action against seven law practices,' said the law ministry. Inquiry findings for the remaining 13 law practices, and whether any lawyers concerned should be referred to the Law Society of Singapore for disciplinary action, are being considered, it added. All law practices and lawyers are subject to anti-money laundering obligations under the Legal Profession Act 1966. These obligations include performing an adequate analysis of the risks of money laundering in relation to each client and performing customer due diligence measures that are in line with a client's risk profile. The money-laundering case involved millions of dollars earned over the years from an illicit gambling ring - with Southeast Asian bases and aimed at punters in China - were turned into luxury cars, extravagant watches, properties in Singapore's most lavish neighbourhoods, jewellery, designer goods, cryptocurrency and cold, hard cash.
South China Morning Post
12-07-2025
- Business
- South China Morning Post
Chinese law firms in ‘pivotal moment' as they answer the call to go global
Chinese lawyers are making inroads into the global legal services market in response to growing demand from their compatriots abroad and a push from Beijing. Advertisement They say that as more Chinese companies expand their footprint overseas many prefer to get legal support from Chinese lawyers and have more trust in them, but winning over clients from elsewhere is a challenge at a time of rising geopolitical tensions. Beijing has been pressing for more legal professionals to offer their services abroad to protect Chinese assets as its mega trade and investment strategy the Belt and Road Initiative marches into a second decade. As of last year, Chinese law firms had established some 207 offices overseas – more than 35 per cent of them located in countries involved in the belt and road strategy , the Ministry of Justice said in April. That marked an increase of 70 per cent from 2018, when there were 122 Chinese legal offices abroad. 02:48 Chinese President Xi Jinping unveils 8-point vision for nation's Belt and Road Initiative at forum Chinese President Xi Jinping unveils 8-point vision for nation's Belt and Road Initiative at forum 'Lawyers play an important role in supporting Chinese companies in their global expansion and it's essential for us to stay attuned in these changing times and to respond proactively,' said Liu Zhiqiang, a lawyer and executive director of Yingke Law Firm's office in Budapest, Hungary.
