Singapore's progress in strengthening measures to tackle money laundering and terrorist financing

Follow Up Report Singapore 2019

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18 November 2019 – Since the 2016 assessment of Singapore’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework.

Singapore has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2016. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since then.

To reflect Singapore’s progress, the FATF has now re-rated the country on the following Recommendations:

3 – Money laundering offence from largely compliant to compliant

23 – DNFBPs: Other measures from partially compliant to largely compliant

24 – Transparency and beneficial ownership of legal persons from partially compliant to largely compliant

25 – Transparency and beneficial ownership of legal arrangements from partially compliant to compliant

The report also looks at whether Singapore’s measures meet the requirements of FATF Recommendations that have changed since the 2016 mutual evaluation. The FATF agreed to maintain the rating of compliant for Recommendation 2 (National cooperation and coordination), Recommendation 18 (Internal controls and foreign branches and subsidiaries) and Recommendation 21 (Tipping-off and confidentiality).  The FATF also maintained the rating of largely compliant for Recommendation 5 (Terrorist financing offence), Recommendation 7 (Targeted financial sanctions related to proliferation) and Recommendation 8 (Non-profit organisations).

Singapore is now compliant on 20 of the 40 Recommendations and largely compliant on 17 of them. It remains partially compliant on 3 of the 40 Recommendations. 

Singapore will continue to report back to FATF on its progress.

 

 

 

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