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Singapore’s increased AML scrutiny might affect everyone

Tom Fox | September 29, 2016

When The Man From FCPA considers risky geographic location, Singapore is not high on the list. Indeed, on the most recent Transparency International Corruption Perceptions Index (TI-CPI), Singapore was rate No. 8 with a country index of 85. Yet even with that high score, the country was recently urged to engage more in the international fight against money-laundering. It was revelations from the Malaysian 1MDB corruption scandal which led the Financial Action Task Force to note in a recent report that “Singapore should more aggressively target the more complex cases expected of a sophisticated financial centre.”

This warning re-emphasized that one of the effects of bribery and corruption (as they are defined under such laws as the FCPA and U.K. Bribery Act) is that they enable money-laundering. The money illegally paid out to foreign officials and employees of state-owned...

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