MinLaw names 3 law firms penalised for breaches over property deals

Three other firms reprimanded; five lawyers referred to Law Society for potential action

- Vanessa Paige Chelvan

The Ministry of Law (MinLaw) has named the three law firms penalised for anti-money laundering breaches over the purchase of properties in Singapore's largest case of money laundering involving $3 billion.

The ministry also named another three law practices it has reprimanded for their involvement in the property deals, and the five lawyers referred to the Law Society for potential disciplinary action.

In a statement on Aug 1, MinLaw said the Director of Legal Services (DLS) has now dealt with 13 out of the 24 law practices that were involved in the property deals. Inquiries into the remaining 11 firms are ongoing.

Anthony Law Corporation (ALC) has paid a financial penalty of $100,000. The head of the firm's conveyancing department, Mr Tan Chau Chuang, has been referred to the Law Society.

ALC acted for nine clients to convey 25 properties valued at around $135 million in total.

Among other breaches, the firm "did not corroborate or verify the clients' explanations for why the transactions were being funded by seemingly unrelated third parties, even though these were red flags", the ministry said.

ALC also continued to undertake transactions for some of these clients despite filing Suspicious Transaction Reports (STRs) against them.