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CFT Regulatory Requirements in Singapore: A Comprehensive Guide

The Monetary Authority of Singapore (MAS) plays a crucial role in regulating anti-money laundering (AML), combating the financing of terrorism (CFT), and preventing proliferation financing (CPF). In this article, we will explore the key regulatory requirements for CFT in Singapore.

Regulatory Requirements

Regulated dealers must subscribe to the MAS mailing list to receive updated lists of designated individuals and entities under the United Nations Act and the Terrorism (Suppression of Financing) Act. These lists include individuals and entities suspected of terrorist activities or links to terrorism. Regulated dealers are required to screen their customers against these lists before engaging in any business or commercial activity with them.

Designation Processes

The Inter-Ministry Committee on Terrorist Designation (IMC-TD) serves as Singapore’s authority for designating terrorists. Under the Terrorism (Suppression of Financing) Act, it is prohibited for any person or entity to deal with or provide financial assistance to designated subjects.

Staying Updated

To stay updated on CFT legislation and designation processes, regulated dealers can refer to the Ministry of Home Affairs’ website on IMC-TD. The site provides information on counter-terrorism financing laws, as well as relevant news articles.

Resources

The AML/CPF/CFT Resources section on the MAS website offers a range of documents and publications that provide guidance on CFT regulations in Singapore. These resources include:

  • National risk assessments
  • Industry engagement sessions
  • Guidelines on proliferation financing risk assessment and mitigation

For instance, the National Strategy for Countering the Financing of Terrorism (CFT) provides an overview of Singapore’s approach to combating terrorism financing. The document highlights key strategies and measures aimed at preventing the misuse of financial systems for terrorist purposes.

Additional Resources

Regulated dealers are also advised to consult the following resources:

  • Environmental Crimes Money Laundering National Risk Assessment
  • GST Missing Trader Fraud Involving Precious Metals
  • 2023 Industry Engagement Session
  • National Strategy for Countering the Financing of Terrorism (CFT)
  • Singapore Terrorism Threat Assessment Report 2022
  • Money Laundering from Environmental Crime
  • Guidance on Proliferation Financing Risk Assessment and Mitigation
  • Terrorism Financing National Risk Assessment 2020
  • Trade-Based Money Laundering - Trends and Developments
  • Trade-Based Money Laundering - Private Sector
  • COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses (FATF)
  • COVID-19 and measures to combat illicit financing (FATF)
  • Singapore National Risk Assessment Report 2013
  • Money Laundering/Terrorist Financing through trade in diamonds (FATF)
  • Money Laundering/Terrorist Financing risks associated with gold (FATF)
  • Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT (FATF)
  • High-risk and other monitored jurisdictions (FATF)
  • 40 Recommendations (FATF)
  • Guidance on the Risk-Based Approach for Dealers in Precious Metals and Stones (FATF)

By familiarizing themselves with these resources, regulated dealers can ensure compliance with CFT regulations and prevent the misuse of financial systems for terrorist purposes.