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

Publication details

Language

English

Country

Singapore

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.

Follow Up Report Singapore 2019

Filename
Follow-Up-Report-Singapore-2019.pdf
Size
3 MB
Format
application/pdf
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Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Singapore Follow-Up Report - 2019

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
C
R.3 - Money laundering offence
C
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
LC
R.8 - Non-profit organisations
LC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
C
R.11 - Record keeping
C
R.12 - Politically exposed persons
C
R.13 - Correspondent banking
C
R.14 - Money or value transfer services
LC
R.15 - New technologies
C
R.16 - Wire transfers
C
R.17 - Reliance on third parties
C
R.18 - Internal controls and foreign branches and subsidiaries
C
R.19 - Higher-risk countries
LC
R.20 - Reporting of suspicious transactions
LC
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
PC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
C
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
PC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
C
R.32 - Cash couriers
C
R.33 - Statistics
LC
R.34 - Guidance and feedback
LC
R.35- Sanctions
PC
R.36 - International instruments
C
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

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