The Monetary Authority of Singapore (MAS) issued a consultation paper on the designation of tax crimes as money laundering predicate offences in Singapore. The consultation period begun on 9 October 2012 and closes on 9 December 2012. Under this initiative, a broad range of serious tax crimes will be designated as money laundering predicate offences from 1 July 2013. With the designation, financial institutions must apply all the Anti-Money Laundering/Countering the Financing of Terrorism measures as contained in the relevant MAS Notices, to prevent the laundering of proceeds from serious tax crimes. This involves the conduct of rigorous customer due diligence and...