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AML/CFT INDUSTRY PARTNERSHIP - ABS

AML/CFT INDUSTRY PARTNERSHIP Legal Persons Misuse Typologies and Best Practices May 2018 Legal Persons Misuse Typologies and Best Practices Page 2 of 47 Table of Contents 1. Introduction Background Objective Sources Approach 2. Legal Person Profiles Legal Persons banking in Singapore Risk Profiles of Legal Persons banking in Singapore 3. Legal Person Misuse Typologies 4. Professional Intermediaries Law Firms Professional Advisors Company Service Providers 5. Conclusions and Recommendations 6. Appendices Legal Persons Misuse Typologies and Best Practices Page 3 of 47 1. INTRODUCTION BACKGROUND Legal Persons1 such as companies and partnerships can be used to conduct a wide range of commercial and entrepreneurial activities. They can generally be created with ease in numerous countries, and have ready access to the international financial system.

Laundering/Terrorism Financing (ML/TF) risks facing Singapore. Objectives of the ACIP include development of detailed typologies, more sophisticated red flag indicators and other forms of guidance in key risk areas. On 4 April 2017, in accordance with its mandate to act on key transnational risks, ACIP set up the Legal Persons

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