Rajah & Tann Singapore LLP | Law Firm | Lawyers | Singapore Law Firm

02 Aug 2023

Rajah & Tann pioneers automated anti-money laundering platform for property developers to comply with new AML rules

Rajah & Tann has launched an anti-money laundering (AML) legal-tech solution for Singapore property developers grappling with the latest AML rules. The platform enables speedy due diligence of property buyers in real time and on an ongoing basis.

Under the new AML guidelines, developers are required to identify, assess and understand the money laundering and terrorism financing risks relating to their business and implement policies, procedures and control approved by the senior management to minimise the exposure to such risks. They are required to document the risk analysis and provide such risk analysis and policies to the Controller of Housing when asked.

They will also have to conduct customer due diligence checks on purchasers and, amongst others, file a Suspicious Transaction Report with the relevant authorities if and when they find a potential purchaser or purchaser to be on a watchlist or have suspicious links, without tipping off such a potential purchaser or purchaser. The customer due diligence checks are also applicable to ongoing projects launched before 28 June 2023 when the new AML rules kicked in.

Gazalle Mok, Partner at Rajah & Tann’s Corporate Real Estate practice, said: “This is potentially a three-to-five-year period of exposure, and it’s not a numbers game: a single hit would be extremely detrimental to a developer. Without technology, it becomes very intensive and complex to monitor every purchaser for the entire period.”

The platform, a combined effort of Rajah & Tann lawyers and their tech colleagues at Rajah & Tann Technologies (RTTech), addresses this requirement by including screening, ongoing monitoring, and reporting capabilities, automating much of what would otherwise be a very tedious, cumbersome set of checks.

“It is a comprehensive platform that minimises AML and combating the financing of terrorism (CFT) compliance risks for developers managing the public launch of large-scale real estate projects,” said Mr Raymond Lum, Group Chief Executive Officer of RTTech.

The customer due diligence, for example, is a scan that takes just seconds to complete the necessary background AML/CFT checks on a prospective purchaser during a property launch, such as the screening against international watchlists and checking against additional data sources such as country-specific risk factors and known associates.

“Often when transacting properties, time is of the essence – any slowdown in the sales process especially when the market is hot, could result in a buyer walking away,” added Mr Norman Ho, Senior Partner of Rajah & Tann’s Corporate Real Estate practice.

The need to conduct ongoing monitoring on purchasers until legal completion is another requirement that, while important, is currently a point of concern for developers.

For example, it’s not uncommon for criminals to purchase properties using a nominee purchaser with no apparent links to criminal organisations.

Money laundering and terrorism financing also tend to happen in stages, and a property purchase holds multiple transactional opportunities. What if, after having exercised the Option to Purchase, the nominee purchaser turns up on an Interpol watchlist a year later?

The steps afterwards are less clear: developers may be risking potential legal liability to rescind such a sale and purchase agreement, and in the meantime, they cannot reveal the real reason for backing out of the agreement as it may be considered tipping off.

About Rajah & Tann Asia – https://www.rajahtannasia.com/

Rajah & Tann Asia brings together leading law firms and lawyers in Cambodia, China, Indonesia, Lao PDR, Malaysia, Myanmar, Singapore, Thailand, the Philippines and Vietnam, with each offering the highest standards of service to locally-based clients while collectively having the capability to handle the most complex regional and cross-border transactions and to provide excellent legal counsel seamlessly across the region. With 970 fee earners, all working towards one shared goal, we are lawyers who know Asia and who give our clients home advantage.

01 Aug 2023

Rajah & Tann appoints leading aviation lawyer Paul Ng to advance aviation expertise

Rajah & Tann Singapore (R&T) said today that leading aviation lawyer Paul Ng has joined as Partner to helm the firm’s Aviation practice.

Mr Ng brings with him 30 years of practice experience and has advised on some of the largest and most complex aviation transactions in the region involving asset-backed financing and bond issuances, tax leasing, multi-billion-dollar aircraft acquisitions and initial public offerings (IPO). He regularly acts for major lenders, leasing companies, borrowers, lessees, airlines and arrangers.

Among the landmark deals Mr Ng was involved in are: PT Lion Mentari’s US$24 billion order for over 230 Airbus aircraft, the then largest ever commercial aircraft order; VietJet’s US$9 billion purchase of 92 Airbus aircraft and US$800 million order for CFM engines; and the first insurance-backed financing for aircraft operated by Korean Airlines of two 787 Boeing Dreamliners, which won Airfinance Journal’s “Overall Deal of the Year".

Paul acted on Vietjet’s IPO, Vietnam’s first internationally marketed and then largest IPO on the Vietnam stock exchange. Paul was also counsel to AirAsia’s complex multi-tiered Islamic financing of a French tax leasing vehicle for the acquisition of up to A320 Airbus aircraft. This was the first such financing to be successfully completed in Asia and won Airfinance Journal’s "Innovative Deal of the Year".

Prior to joining Rajah & Tann, Mr Ng was a partner at a foreign law firm where he led its aviation and asset finance practice in Asia. He was also a member of that firm’s global transportation and space practice. Paul is a fellow of the Centre for Banking & Finance at the Faculty of Law at the National University of Singapore where he is an adjunct professor teaching Aviation Finance.

Patrick Ang, Managing Partner of R&T, said: “We are delighted to welcome Paul to the Rajah & Tann family. His exceptional expertise and outstanding track record in aviation are well known in the industry, and he is exemplary of the sort of talent we want to attract to the firm.”

Led by Paul, R&T’s Aviation practice will be supported by a multi-disciplinary team of lawyers who have done work in the aviation sector including advising on corporate and regulatory matters that range from contract administration of an international airport to addressing multifarious ground operations concerns. The firm has also been involved in intellectual property and patent issues that arise in aviation matters. Its dispute resolution experience includes several arbitrations and court hearings, and advising victims involved in an aviation accident in China.

The Aviation practice comprises Francis Xavier SC, Angela Lim, Winston Kwek and Terence Quek, as well as other lawyers across the Rajah & Tann Asia network. Together with Paul, the team will continue to support aviation clients in the region, by delivering world-class advice and top-notch legal counsel.

About Rajah & Tann Asia – https://www.rajahtannasia.com/

05 Jun 2023

Rajah & Tann Asia bags 7 Benchmark Litigation awards

Rajah & Tann Asia (RTA) member firms and their partners have won seven Benchmark Litigation awards, including Singapore Firm of the Year for Rajah & Tann Singapore (R&T Singapore) and Indonesia Firm of the Year for Assegaf Hamzah & Partners (AHP), for the fourth and third consecutive year respectively. R&T Singapore was also named Commercial and Transactions Firm of the Year.

Murali Pillai SC, Partner at R&T Singapore, was named the Singapore Lawyer of the Year, exemplifying the firm's exceptional talent and expertise. Widely regarded for his expertise in employment law and financial services,Mr Pillai has established himself as an astute and highly competent lawyer with an unwavering dedication to his clients and a remarkable legal acumen honed over his impressive 27-year practice, according to Benchmark, a New York-based publication that recognises market leaders in litigation and dispute practices in the world.

Eri Hertiawan, Senior Partner at AHP, bagged the Indonesia Lawyer of the Year award. Mr Hertiawan regularly works on high-profile tort, corporate, banking, antitrust and criminal cases as an all-round litigator whose exceptional skills in arbitration have also often brought him before the Indonesian National Arbitration Board (BANI) and other alternative dispute resolution forums.

Another RTA member firm, Christopher & Lee Ong of Malaysia, secured the Impact Case Winner award for outstanding representation in the Persatuan Insurans Am Malaysia v MyCC case. R&T Rajah Singapore also landed an Impact Case Winner award for its pivotal role in the PDV Marina windup.

RTA Chairman Lee Eng Beng SC stated, "We are truly honoured to receive these seven Benchmark Litigation awards, which serve as a recognition of the outstanding litigation and dispute resolution capabilities within the RTA network. We remain dedicated to upholding high standards of legal excellence and providing top-tier solutions in all our regional markets."

AHP Deputy Managing Partner Ibrahim Sjarief Assegaf said, “We are humbled to be recognised as the Indonesia Firm of the Year for the third year running. This award is a testament to the unparalleled talent of our team at AHP, who has consistently demonstrated their expertise in complex corporate litigation and dispute resolution. Being part of the wider RTA network has further strengthened our capabilities and allowed us to deliver top-tier legal services to our clients.”

Benchmark Litigation, which expanded its coverage to include the Asia Pacific in 2018, gives out its prestigious award annually, celebrating lawyers and cases that have pushed boundaries, made a significant social impact, and contributed to shaping jurisprudence in the Asia Pacific legal landscape.

About Rajah & Tann Asia – www.rajahtannasia.com

Rajah & Tann Asia brings together leading law firms and lawyers in Cambodia, China, Indonesia, Lao PDR, Malaysia, Myanmar, Singapore, Thailand, The Philippines and Vietnam, with each offering the highest standards of service to locally-based clients while collectively having the capability to handle the most complex regional and cross-border transactions, providing legal counsel seamlessly across the region. With over 970 fee earners, all working towards one shared goal, we are lawyers who know Asia and who give our clients home advantage.

25 May 2023

Rajah & Tann clinches Southeast Asia Law Firm of the Year award and wins Singapore Law Firm of the Year

Rajah & Tann (R&T) has been named the Southeast Asia Law Firm of the Year by Asian Legal Business (ALB) for the second consecutive year, reaffirming the firm’s leadership in the region's legal landscape.

R&T also bagged the Singapore Law Firm of the Year Award at the awards ceremony held at the Sofitel Singapore City Centre. In addition, Rajah & Tann Asia (RTA) secured a total of five awards including RTA member firm Assegaf Hamzah & Partners, which clinched the award for Debt Market Deal of the Year (Premium) in recognition of their exemplary work on the Republic of Indonesia's US$3.25 billion global sukuk offering. Completed in May 2022, the deal is the biggest offering of global sukuk by the Indonesian government to date.

Steve Tan, Deputy Head of R&T’s Technology, Media, and Telecommunications practice and Co-Founder of Rajah & Tann Technologies (RTTech), was named Data Privacy and Protection Lawyer of the Year. Together with his team at RTTech, Mr Tan offers market-leading legal, technical, and forensic solutions to ensure clients are well-prepared to thrive in the data and digital economy.

Sandy Foo, Head of R&T’s M&A practice, clinched the Woman Lawyer of the Year award for 2023, joining the ranks of ex-Deputy Managing Partner Rebecca Chew, who won the award in 2022. This consecutive recognition underscores R&T's exceptional talent pool and the firm’s commitment to empowering outstanding women leaders within the legal industry.

These prestigious awards recognise R&T's exceptional performance, market leadership, and unwavering commitment to delivering exceptional client-centric legal solutions.

Managing Partner Patrick Ang remarked, "We are very honoured to be recognised as being the leading law firm not just in Singapore but in the region. Receiving the coveted Southeast Asia Law Firm of the Year award is a testament to our unwavering commitment to excellence and keeping pace with the technological advancements shaping the economy and our profession. I am immensely proud of our team's achievements across various practice areas, showcasing our dedication to delivering exceptional value and driving innovation in the legal industry. I would also like to thank my colleagues in Singapore and across our RTA network firms for their invaluable contributions to our network’s success. "

The ALB Southeast Asia Law Awards, now in its 19th year, serve as a benchmark of excellence within the legal industry. The awards recognise the outstanding performance of private practitioners and in-house legal teams in Southeast Asia. The winners are determined by a panel of independent judges comprising senior legal industry leaders.

About Rajah & Tann Asia – www.rajahtannasia.com