CNPLaw LLP provided Singapore law legal advice to a client on the new Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 and the Payment Services Act 2019

Deals and cases

 

CNPLaw LLP provided Singapore law legal advice to a client on the new Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 and the Payment Services Act 2019


Date Published: 27 August 2019


The team who advised on the transaction: Quek Li Fei and Mike Chiam.




 

CNPLaw LLP provided Singapore law legal advice to a client on the new Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act and the Payment Services Act 2019, in relation to the client’s ​planned issuance of an “asset-backed digital token” pegged to the price of gold.

 

CNPLaw’s Banking and Finance Lawyer

Quek Li Fei Legal Partner at CNPLaw LLP image

Partner

In addition to Li Fei’s experience in acting for banks on varied transactions and in general corporate law, he also helps individuals in estate planning, including the legal aspects of wealth management, advising on and setting up trusts and off-shore structures to secure their future and the future of their families.



The lawyers from the Banking & Finance Practice Group (BFPG) have always taken pride in providing a comprehensive range of banking and finance services to our clients, including domestic and foreign international banks, other financial institutions as well as non-bank lenders and borrowers, and foreign legal firms acting for parties outside Singapore.

Our banking & finance practice covers the whole spectrum of domestic and international banking & financing work, including restructurings, financings and financial institutions advisory work. We can draw upon a broad base of partners, senior, mid-level and junior associates, all with strong and varied banking & finance product line and country experience.

Our reach is further widened and enhanced by our ability to draw upon the resources of our network of correspondent firms in the region and globally.





We have a particular passion and interest in blockchain technology applications, cryptocurrencies and ICOs. We currently advise issuers of tokens, ICO advisors, venture capital firms and entrepreneurs involved in this space on Singapore legal issues and regulatory compliance for a range of planned business activities, ranging from utilization of blockchain to enable business applications in diverse fields (including money remittance, solar energy, consumer rewards, structured social interaction; music and entertainment industry; holiday & leisure industry; employment marketplace, consumer rewards, crypto asset security applications); to setting up cryptocurrency exchanges and issue of tokens on proprietary platforms.





We advise both private and public (whether listed or non-listed) companies on corporate governance and compliance issues to help them acclimatise and thrive in a regulatory landscape that is becoming increasingly complex.

Besides providing general advice on director duties and corporate secretarial matters, we help our clients better appreciate the licensing and compliance regimes applicable to the industries that they operate in and review our clients’ administrative and operational procedures for consistency with industry standards.