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.

 

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