Financial Crime World

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Singapore’s Banking Regulations Take a Step Forward in Combating Financial Crime, But Room for Improvement Remains

Singapore has made significant strides in combating financial crime, with its anti-money laundering and countering the financing of terrorism (AML/CFT) framework deemed strong by the Financial Action Task Force (FATF). However, there is still room for improvement in certain areas.

Effective Outcomes Achieved

According to the FATF’s recent assessment, Singapore has achieved effective outcomes in several key areas:

  • Robust Legal and Regulatory Framework: The country has established a robust legal and regulatory framework to combat financial crime.
  • Effective Implementation of AML/CFT Measures: Singapore has effectively implemented AML/CFT measures to prevent and detect financial crimes.
  • Adequate Resources Allocated: The country has allocated adequate resources to combat financial crime.
  • Sophisticated Data Analytics Capabilities: Singapore’s Financial Intelligence Unit (FIU) was commended for its sophisticated data analytics capabilities.

Areas for Improvement

However, the assessment identified several areas where Singapore can improve:

  • More Proactive Targeting and Pursuit of Confiscations: The country needs to be more proactive in targeting and pursuing confiscations of criminal proceeds.
  • Pursuing More Cases of Complex Transnational Money Laundering Offenses: Singapore’s authorities need to pursue more cases of complex transnational money laundering offenses.

Terrorism Financing

The FATF report highlighted that while Singapore has a robust regime to combat terrorism financing (TF), it has not been able to secure sufficient criminal prosecutions and convictions for TF offenses. The country’s authorities have argued that this is because the Internal Security Act (ISA) has effectively dealt with 17 TF cases in the past without recourse to prosecution.

Law Enforcement Capabilities

The FATF assessment also noted that Singapore’s law enforcement agencies need to strengthen their capabilities to identify and investigate more complex transnational money laundering cases.

Commitment to Strengthening AML/CFT Regime

Despite these areas for improvement, Singapore remains committed to strengthening its AML/CFT regime and continues to invest significant efforts in this area. The country has already taken several steps to address the FATF’s concerns, including:

  • Increasing Resources Allocated: Singapore has increased resources allocated to combat financial crime.
  • Introducing New Measures: The country has introduced new measures to improve transparency and accountability.

FATF Report

The FATF report is available on the organization’s website at www.fatf-gafi.org/publications/mutualevaluations/documents/mer-singapore-2016.html.

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