Designated Tax Crimes: Impact on Anti-Money Laundering Measures

06 December 2019, Friday

02.00 - 05.30PM
60 Cecil Street, ISCA House, Singapore 049709

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Programme Synopsis

With effect from 1 July 2013, the Monetary Authority of Singapore (“MAS”) has designated tax crimes as money laundering predicate offences.  Financial Institutions (“FIs”) have applied the full suite of the Anti-Money Laundering (“AML”) / Countering the Financing of Terrorism measures to prevent the laundering of proceeds from serious tax crimes.

This course aims to provide participants with a better understanding of tax crimes and the intricacies of applying the AML measures to identify proceeds from tax crimes in financial markets and institutions.

Programme Outline

  • What is a tax crime?
  • Where do Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)/Automatic Exchange of Information (AEOI) fit in?
  • Impact on and changes to AML measures with case studies
  • What does the future look like?

About the Presenter(s)/ Trainer(s)

Mr Lum Kah Wai

Accredited Tax Advisor (Income Tax & GST)
Chartered Accountant of Singapore

Kah Wai has more than 20 years of tax experiences gained in Big Four firms and commercial sector, most recently as the Head of Tax for Asia Pacific region in a well-known global international bank.  He has experience over a wide span of taxation areas including corporation and direct tax, indirect tax such as GST and VAT, transfer pricing, operational tax and transaction tax.
During his time in the commercial and banking sectors, he used his extensive tax knowledge and experience, combined with business acumen to provide practical and workable solutions to the management and business lines in order to advance the commercial interest of the organisations.  During his stint in the banking industry, he participated actively in the Tax Committee of The Association of Banks in Singapore to resolve common tax issues and uncertainty in the industry and assisted in lobbying efforts of the Committee.

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