A release on Mondo Visione on 10 October advised that Raj Sriram, former Deputy CEO and Head of Private Banking of BSI Bank Limited, Singapore Branch, has been issued a 24-month conditional warning by the Singapore Police and a 10-year prohibition order by MAS for his contribution to BSIS’ failure to file STR regarding 1Malaysia Development Berhad (1MDB)-related transactions.
On 7 October, the House of Commons Library published a briefing paper on this Bill. Its 3 stated objectives are –
Prevent organised criminals, fraudsters, kleptocrats and terrorists from using companies and other corporate entities to abuse the UK’s open economy;
Strengthen the UK’s broader response to economic crime; and
Support enterprise by enabling Companies House to deliver a better service for over 4 million UK companies, and improving the reliability of its data to inform business transactions and lending decisions across the economy.
On 7 October, the Monetray Authority of Singapore published the results of a Terrorism Financing (TF) National Risk Assessment (NRA) undertaken in 2020. This found that certain sectors, notably money remittance (or payment service providers carrying out cross-border money transfer service) and banks, are more inherently vulnerable to the threats, given the relative ease in which their services may be accessed, coupled with Singapore’s status as a financial and transport hub and proximity to countries exposed to terrorism activities. MAS also issued a National Strategy for Countering the Financing of Terrorism (CFT) that outlines Singapore’s national approach to address the risks and serves as the roadmap to guide the development of future action plans to effectively prevent, detect, investigate, and enforce against terrorism financing. Singapore has adopted a 5-point strategy which comprises:
Coordinated and Comprehensive Risk Identification;
Strong Legal and Sanctions Frameworks;
Robust Regulatory Regime and Risk Targeted Supervisory Framework;
On 10 October, HM Treasury publishe a Notice advising that 7 more individuals and the Morality Police had been added to the Iran human rights sanctions list.
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