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Singapore’s Progress on AML/CFT Measures: 3rd Enhanced Follow-up Report

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The Financial Action Task Force (FATF) has released its 3rd Enhanced Follow-up Report on Singapore’s anti-money laundering and counter-terrorist financing (AML/CFT) measures. The report highlights the country’s progress in strengthening its implementation of AML/CFT measures since the previous assessment in 2016.

Technical Compliance Re-Rating

As a result of Singapore’s efforts, four Recommendations have been upgraded from “Partially Compliant” to “Compliant”. These include:

• Recommendation 8: Supervision of Non-Profit Organisations
• Recommendation 18: Sharing of Information
• Recommendation 21: Anti-Tipping Off Provisions
• Recommendation 35: Penalties for Terrorism Financing Offences

The country has made significant progress in addressing technical compliance deficiencies identified in the previous report.

Recommendations

Recommendation 8: Supervision of Non-Profit Organisations

Singapore has taken steps to promote effective supervision and monitoring of non-profit organisations (NPOs) and has a range of sanctions available for violations. However, no policy, procedure, or written process is in place to ensure effective cooperation or information sharing among authorities holding relevant information on NPOs.

Recommendation 18: Sharing of Information

Singapore has implemented measures to allow group-wide sharing of customer, account, and transaction information, as well as the disclosure of suspicious transaction reports. The country has also provided practical examples on the sharing of analysis made on transactions or activities appearing to be unusual.

Recommendation 21: Anti-Tipping Off Provisions

The MAS Notice 626 establishes a generic obligation to take into account anti-tipping off provisions and puts in place internal policies, procedures, and controls. This ensures that anti-tipping off provisions do not inhibit at least group-wide disclosure of the fact that an STR has been submitted.

Conclusion

Singapore’s progress in strengthening its AML/CFT measures is commendable. While there are still three Recommendations remaining rated “Partially Compliant”, the country will continue to report back to the FATF on its progress. The FATF will continue to monitor Singapore’s implementation of AML/CFT measures and provide guidance as needed.

Technical Compliance with Re-Ratings

Source

Financial Action Task Force (FATF). 3rd Enhanced Follow-up Report: Anti-Money Laundering and Counter-Terrorist Financing Measures in Singapore. November 2019.

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