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About the Programme
Part VA of the Legal Profession Act on Prevention of Money Laundering came into effect together with the Legal Profession (Prevention of Money Laundering and Financing of Terrorism) Rules on 23 May 2015. The legislative framework covers both Singapore lawyers and foreign lawyers, as well as Singapore law practices and foreign law practices.
It is fundamental for lawyers to understand the legislative framework to avoid inadvertently allowing their law practice to be used as a vehicle for money laundering to take place. It is also important from a practical perspective for lawyers to understand their obligations under the legislation and how to apply the Rules in practice to minimise the risk of unwittingly facilitating money laundering activities.
Key aspects of the legislative framework are the need to have AML processes in place, conducting customer due diligence and risk assessment, recording keeping and obligations to file suspicious transaction reports with the relevant authorities.