Setia Law LLC

Singapore’s commitment to raising the bar on financial transparency and accountability continues to be demonstrated with the Inter-Ministerial Committee’s report earlier this month to enhance Singapore’s AML framework. As the city-state remains a force of attraction for the region’s wealth management industry, the accompanying risks have to be dealt with holistically. #ICYMI – Director, Wern-Jhien Yam, discussed with Nikkei Asia recently in the first edition of 𝘈𝘚𝘌𝘈𝘕 𝘔𝘰𝘯𝘦𝘺, on the risks Singapore faces as a result of the influx of wealth in recent years. Wern-Jhien pointed that bad actors are increasingly getting sophisticated in their modus operandi and while enhancing regulation is important in our fight against financial crime, a holistic approach such as introducing tools and education is essential for sustainable growth. 📖 Read further: https://lnkd.in/gN8mAx_r #SetiaLaw #FinancialCrime #AntiMoneyLaundering

We are excited to feature the latest instalment of #SetiaLawyerSpotlight, with up and coming disputes lawyer and all-rounder - Ian Mah. From building his practice area in commercial disputes to being an adjunct lecturer at Singapore Management University, Ian shares his journey, passions and thoughts on being part of the Setia family. #SetiaLaw #SetiaLawyerSpotlight #LawyerSpotlight #CommercialDisputes #Restructuring

Many congratulations to the Singapore Management University Rugby team for taking the crown at the 2024 Singapore Rugby Union Tertiary 7s Competiton. Trust it had something to do with the Setia Law LLC emblazoned jerseys! #teamwork #grit #determination #strength #creativity

It’s conference season! We are grateful to be participating in key conversations and exchanging insights with esteemed colleagues and fellow industry experts.    At the recent INSOL International Singapore Seminar, Director, Wern-Jhien Yam joined a panel that discussed the topic of mediation in the context of cross border insolvency and restructuring. With recent interest across the region, the session provided a meaningful opportunity for delegates to engage with the debate and vote on the motion.    Wern-Jhien also spoke on a panel at TechLaw.Fest last week, discussing the nature of digital assets in the age of A.I. and blockchain technologies, potential disputes that would arise from such complexities and ways to mitigate such risks. As pointed in this latest article by Blockhead, Wern-Jhien highlighted that legal challenges continue to persist, which includes attribution of liability and the complexity of suing in a decentralised and anonymous environment. https://lnkd.in/gsUSJSPx   In the weeks to come, we will also be participating in key conferences in Malaysia 🇲🇾 : ◾ Wern-Jhien will join a fireside chat with the Insolvency Practitioners Association of Malaysia (IPAM) on 27 September for a get-together and update session on all things restructuring and insolvency. ◾ He will also be speaking at the Malaysian Insolvency Conference on 14 October, as part of a panel that discusses strategies for tracing and recovering digital and specialised assets.    #SetiaLaw #Insolvency #Restructuring #AssetRecovery #CrossBorderDisputes

🌟 Setia x UKSLSS 🌟 We are thrilled to have participated in the UKSLSS' Legal Forum 2024. It was a fantastic opportunity to connect with young lawyers, share insights about our values and practice areas, and hear what's at the forefront of the next gen's minds. A big thank you to the UKSLSS for organising such a successful event, and to everyone who stopped by our booth—we enjoyed every conversation! We're always happy to address queries regarding recruitment, internships, or the opportunities we offer. Do reach out to recruitment@setialaw.com. Applications should be accompanied by CVs, academic transcripts, and a cover letter.

#ICYMI, our lawyers have been featured in key financial and legal media recently, discussing the new regulatory developments on establishing sources of wealth and the ongoing heightened awareness in the AML drive and accompanying demand for legal advice.     Director Wern-Jhien Yam spoke to Citywire Asia on the back of the latest circular by the Monetary Authority of Singapore (MAS) calling for financial institutions to employ sources of wealth (SOW) corroboration. He noted that the circular underscores the importance of a tailored approach in designing SOW verification processes based on the unique risk profiles and circumstances of each customer, rather than using a one-size-fits-all method.    Associate Director Victoria Ting spoke to Law.com International regarding the heightened awareness the Singapore market is facing concerning AML and compliance obligations. Victoria notes that the increased attention and queries has driven willingness to seek external advice from law firms.    Read further here:  Citywire Asia - https://lnkd.in/gS-ExqRH   Law.com – https://lnkd.in/gp4GFmYa #SetiaLaw #FinancialCrime #AntiMoneyLaundering

In the recent decision of Madison Pacific Trust Limited and ors v PT Dewata Wibawa and ors [2024] SGHC 184 (“Madison Pacific”), the General Division of the High Court has held that an alleged contemnor’s mistake as to the validity of a court order does not come within the defence in s 21 of the AJPA.   The decision in Madison Pacific confirms that s 21 of the AJPA is consistent with the traditional common law position that an order of court may not be disregarded on the basis of a belief that it has been wrongly made. Notably, this was the first reported instance of a custodial sentence being imposed by the Singapore Court for contempt by disobedience of an anti-suit injunction.   💡 Key highlights:    ▪ The applicants obtained an anti-suit injunction from the Singapore Court (the “ASI Order”) which restrained the defendants from proceeding or continuing with, or assisting or participating in, the prosecution of certain proceedings in the courts of Jakarta, Indonesia. After the defendants failed to comply with the ASI Order, the applicants applied for a committal order against the third defendant for his contempt of court committed.    ▪ The third defendant, who was a citizen and resident of Indonesia, claimed that he had believed, based on the advice of his Indonesian lawyers, that the ASI Order was not effective and/or binding on him because the relevant court papers and originating process leading up to the issuance of the ASI Order were not validly served on him in Indonesia. Even if this was wrong, the third defendant argued that this would be an “honest and reasonable mistake” which afforded him a defence under s 21 of the AJPA.   ▪ Justice Chua Lee Ming rejected the third defendant’s argument, holding that a mistake as to the validity of a court order did not fall within the defence in s 21 of the AJPA.    ▪ In so holding, Justice Chua departed from the view taken in another decision of the General Division of the High Court, VFV v VFU [2021] 5 SLR 1428, that for the purposes of s 21 of the AJPA, the mistake may pertain to the validity of the court order itself and need not relate to the substantive contents of the court order.   Our Setia team, comprising Danny Ong, Wern-Jhien Yam, Bethel Chan and Ayana Ki, has successfully represented the applicants.    Read further here: https://lnkd.in/gGTbqf4C #CaseUpdate #SetiaLaw #Insolvency #CrossBorderInsolvency

The New 12-Month Training Cycle Just a note to address a trending question we've been receiving from training contract applicants concerning our compensation structure for the new 12-month training cycle starting in 2025: All incoming trainees undertaking the 12-month program will move up to the current NQ pay-scale after they complete the first 6 months of their training, reflecting our continued commitment to supporting our trainees through the new extended training period and to maintaining a competitive compensation structure. Finer details will be provided to shortlisted applicants. We hope this provides clarity and confidence to our future trainees and aspiring applicants, as we transition into the new training regime (which we are fully supportive of). Thank you for your continued interest in joining our team. Please feel free to reach out with any further questions!

We are delighted to share that our Co-Founder and Director Wern-Jhien Yam has been admitted as an INSOL Fellow as part of INSOL International’s Global Insolvency Practice Course 2023 / 2024.   The Global Insolvency Practice Course is INSOL International’s pre-eminent advanced educational qualification focusing on international insolvency, and Wern Jhien is now part of a global network respected practitioners working together to elevate the insolvency profession and readily collaborate and facilitate cross-border cases.    Wern-Jhien has acted in numerous contentious insolvency cases, including in the recent High Court decision in Re Fullerton Capital Limited (in liquidation) [2024] SGHC 155, which provided comprehensive analysis and guidance on several cross-border insolvency issues including COMI.    He will also be participating in INSOL International’s Singapore Seminar held at the Singapore Convention Week 2024 on 27 August, joined by esteemed colleagues and experts as they discuss the topic of mediation in the context of cross border insolvency and restructuring.   Congratulations Wern-Jhien!   #SetiaLaw #INSOL #Insolvency #Crossborder #Disputes #Growth

We are open for applications for Relevant Legal Traineeships ('25-26) & Practice Traineeships ('27) on 2 August 2024. If you’re driven and passionate about making a difference, this is the place for you. At Setia Law LLC your ambition is not just recognized, but empowered! If you’re looking to secure a Practice Traineeship for ‘25 and ‘26, we would be happy to also hear from you.