Shelf Company | AML-CFT

A shelf company is considered to be an incorporated company with inactive shareholders, directors, and secretary and is left dormant for a longer period even if a customer relationship has already been established.

See also: Shell Company, Front Company

Source: FATF

Wilful Blindness Wilful blindness is a legal term for which a person is said to deliberately shut his eyes to the obvious, the result of which he does not care to have, he may be said to have been willfully blind to the truth.Source: Koo Pui Fong v PP.

Summary of Singapore’s FATF Mutual Evaluation Singapore's mutual evaluation with the Financial Action Task Force (FATF) and Asia/Pacific Group on Money Laundering (APG) recently concluded on September 2016 and here are the summarised results. Rating Methodology Immediate Outcomes (I.O) represents the country’s key goals that a robust ...

Singapore Signs MCAAs to Enhance Tax Co-operation on Exchange of Information PRESS RELEASE BY MINISTRY OF FINANCE, SINGAPORE On 21 June 2017, Singapore will sign the Multilateral Competent Authority Agreements (“MCAAs”) on:the Automatic Exchange of Financial Account Information under the Common Reporting Standard (“CRS”); and the Exchange of Country-by-Country (“Cb...

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