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Cablegate: Legal Profession Adopts Enhanced Aml/Cft Measures

VZCZCXYZ0000
RR RUEHWEB

DE RUEHGP #1426 2140233
ZNR UUUUU ZZH
R 020233Z AUG 07
FM AMEMBASSY SINGAPORE
TO RUEHC/SECSTATE WASHDC 3692
INFO RUCPDOC/DEPT OF COMMERCE WASHDC
RUEAWJA/DEPT OF JUSTICE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RUEAHLC/DEPT OF HOMELAND SECURITY CENTER WASHINGTON DC
RUEABND/DEA HQS WASHDC

UNCLAS SINGAPORE 001426

SIPDIS

STATE PASS TREASURY FOR PDEGARABEDIAN
FINCEN FOR RMILLER

SIPDIS

E.O. 12958: N/A
TAGS: ETTC KCRM EFIN KTFN SN
SUBJECT: LEGAL PROFESSION ADOPTS ENHANCED AML/CFT MEASURES

REF: SINGAPORE 703

1. The Law Society of Singapore recently amended its Legal
Profession (Professional Conduct) Rules to strengthen its anti-
money laundering (AML) requirements. The revised regulations,
which come into effect August 15, represent another effort by
Singapore to bring its AML (and countering the financing of
terrorism or CFT) regime into alignment with Financial Action
Task Force (FATF) recommendations (reftel). FATF will conduct
an on-site assessment of Singapore in September.

2. The Law Society, which governs the conduct of Singapore's
legal profession under the Legal Profession Act, will require
its members to:

-- undertake enhanced customer due diligence, including for
clients of agents or other entities;

-- demonstrate clear knowledge of their clients' business
activities;

-- retain client records for at least five years; and

-- report suspicious transactions to the Suspicious Transactions
Reporting Office (Singapore's Financial Intelligence Unit).

3. The amended rules also prohibit attorneys from acting on
behalf of anonymous clients to open or maintain bank accounts or
to hold cash or cash instruments.

4. Details concerning the amended regulations are available
online at www.lawsociety.org.sg.

HERBOLD

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