Billion-dollar money laundering case: 4 law firms dealt with over conveyancing of properties

SINGAPORE: Two law practices that were involved in the conveyancing of real estate properties seized in Singapore’s billion-dollar money laundering case have been ordered to pay tens of thousands in financial penalties.

The director of legal services, supported by the Ministry of Law (MinLaw), is conducting inquiries in 24 law practices involved in the case. Conveyancing refers to the legal process of transferring the ownership of a property from one person to another.

Of the 24, investigations into 11 law practices have concluded, said the law ministry on Tuesday (Jul 15) in a press release.

Two law practices were ordered to pay S$30,000 (US$23,400) and S$100,000 in financial penalties.

“The director of legal services has issued a third law practice with a statutory notice of the intention to order that law practice to pay a financial penalty of S$70,000,” said the ministry.

“A final decision will be made upon receiving and considering the law practice’s written representations, if any.”

A fourth law practice has been privately reprimanded by the director of legal services, while one lawyer has been referred to the Law Society for disciplinary action. 

“The director of legal services has determined that it will not be necessary to take further regulatory action against seven law practices,” said the law ministry.

The director is considering the inquiry findings for the remaining 13 law practices, and whether any lawyers should be referred to the Law Society for disciplinary action.

CNA has asked the Ministry of Law for more information, including the names of the companies involved.

The money-laundering case involved millions of dollars earned over the years from an illicit gambling ring – with Southeast Asian bases and aimed at punters in China – that were turned into luxury cars, extravagant watches, properties in Singapore’s most lavish neighbourhoods, jewellery, designer goods, cryptocurrency and cold, hard cash.

More than 150 properties were seized in the case.