It has been reported that STM has been fending off a probe led by officers from the Gibraltar police’s Money Laundering Unit who have arrested and released two employees, including chief executive Alan Kentish on suspicion of failure to disclose. Furthermore, STM has failed in its efforts to impose a news blackout on a crucial […]
Read More30,511 suspicious financial transactions reported in Singapore in 2015
SINGAPORE — The number of suspicious transaction reports has almost doubled between 2012 and last year, according to the annual report of the Commercial Affairs Department (CAD). In 2012, there were 17,975 reports made to the Suspicious Transaction Reporting Office (STRO), the CAD unit which receives and analyses reports of suspicious financial transactions. The figure […]
Read MoreSuspicions of Money Laundering – A New Swiss Problem? – Extension of the Duty to Report Beyond the End of the Business Relationship
In a recently released milestone decision (6B_503/2015 dated 24 May 2016), the Swiss Federal Supreme Court (“SFSC”) held, for the very first time, that the duty of financial intermediaries to report suspicions of money laundering to MROS may extend beyond the end of the relevant business relationship. The purpose of this briefing is: to summarize […]
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