Clifford Chance
First prosecution in Singapore of a director for company money laundering
3 July 2017
The Singapore High Court has convicted and sentenced a director to imprisonment for charges relating to money laundering activities carried out by the company. The case is the first reported case of a director being sentenced to imprisonment for failing to exercise reasonable diligence under the Companies Act.
The landmark case demonstrates that directors and officers (including local resident non-executive directors) may be held liable and sentenced to imprisonment for money laundering activities facilitated by their companies.
