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Singapore’s Financial regulator notes onshore shell companies as relevant risk

Following a number of suspicious transactions, the financial regulator noted a patron of use of onshore shell companies to evade or distract relevant money laundering controls and preventive actions.

The regulator note the situation to be an early sign of weakness in the internal system and committed top address such gap.

Once of the flags reported was the speed of transactional activity linked to inshore shells, making some parallel with the known typology linked to offshore companies.

Mrs. Valerie Tray former journalist and head of the anti-money laundering department of the Monetary Authority of Singapore (MAS) stated that this new information is a “wake up call” for the regulator and the market.

Source

https://www.reuters.com/article/us-singapore-cenbank/singapore-steps-up-scrutiny-of-shell-firms-to-combat-money-laundering-idUSKCN1V2231

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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