Question 1:
Tom, Dick and Harry live in three countries in different continents. They belong to a major syndicate that engages in arms dealing, diamond smuggling, drug smuggling and human trafficking. Their main problem is that their profits are generated in cash. Knowing that financial institutions pay very close attention to cash transactions, they need guidance as to how they can safely move large volumes of cash to a safe destination. They have retained a lawyer, an accountant and a banker known for their expertise in advising similar clients. Examine the options (at least three: Lawyer, accountant and banker) they might offer and what may possibly go wrong in structuring these deals. You may refer to the various ML/TF typologies and methods identified and published by FATF, APG and other leading global regulators.
Question 2:
"The Regulator is best placed to provide guidance when a firm encounters or discovers a major problem. Consulting the Regulator at an early stage has many advantages. The suppression of facts that need to be disclosed entails severe penalties."
Critically examine the above statement. Enumerate the general powers of Regulators and courts of law citing recent cases where action has been taken against firms in Singapore and elsewhere.
Question 3:
"All jurisdictions in the FATF Global AML/CFT Network are expected to have legal frameworks to criminalise terrorist financing and implement targeted financial sanctions, and to take action to address significant gaps and weaknesses in their systems - such as excessive delays in applying sanctions nationally - on an urgent basis.' (Terrorist Financing: FATF Report to G 20 Leaders- Actions taken by the FATF, November 2015).
Critically analyze the above statement in the context of Singapore and other 2 countries in the region.
Topic/Title: anti money laundering - Subject: Management
Paper Length: 5 Pages/1250 words
Referencing Style: APA