September 27 2016
The FATF and Asia/Pacific Group on Money Laundering (APG) conducted an assessment of Singapore’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations, and using the 2013 Methodology. The assessment is a comprehensive review of the effectiveness of Singapore’s AML/CFT system and its level of compliance with the FATF Recommendations.
Singapore has a strong legal and institutional framework to fight money laundering (ML) and terrorist financing (TF). Singapore’s AML/CFT coordination is highly sophisticated and inclusive of all relevant competent authorities. Authorities have a reasonable understanding of their ML/TF risks, and are taking steps to mitigate them. The report however notes that the level of understanding of the ML/TF risks varies among financial institutions and DNFBPs, with the latter generally demonstrating a less mature understanding of ML/TF risks. Singapore is also encouraged to conduct comprehensive ML/TF risk assessments for all types of legal persons (private companies, public companies, foreign companies, etc.) and legal arrangements.