SINGAPORE (May 14): The Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Industry Partnership (ACIP) has recommended a set of best practices for financial institutions to guard against trade-based money laundering and the misuse of company structures for illicit purposes.

Click here for paper: Best Practices for Countering Trade Based Money Laundering

The papers were produced by two industry-led working groups, comprising representatives from major banks, professional service providers and government agencies in Singapore. The recommendations are also relevant for professional service providers outside the financial sector, such as lawyers, accountants and company services providers.

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