Singapore

Member since 1992

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.

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

18 Nov 2019

This follow report analyses Singapore's progress in addressing the technical compliance deficiencies identified in its 2016 Mutual Evaluation.
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The FATF and Asia/Pacific Group on Money Laundering (APG) conducted an assessment of Singapore’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations, and using the 2013 Methodology. The assessment is a comprehensive review of the effectiveness of Singapore’s AML/CFT system and its level of compliance with the FATF Recommendations.

Singapore has a strong legal and institutional framework to fight money laundering (ML) and terrorist financing (TF). Singapore’s AML/CFT coordination is highly sophisticated and inclusive of all relevant competent authorities. Authorities have a reasonable understanding of their ML/TF risks, and are taking steps to mitigate them. The report however notes that the level of understanding of the ML/TF risks varies among financial institutions and DNFBPs, with the latter generally demonstrating a less mature understanding of ML/TF risks. Singapore is also encouraged to conduct comprehensive ML/TF risk assessments for all types of legal persons (private companies, public companies, foreign companies, etc.) and legal arrangements.

Ratings

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

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Singapore Mutual Evaluation - 2016

IO1
SE
IO2
SE
IO3
ME
IO4
ME
IO5
ME
IO6
SE
IO7
ME
IO8
ME
IO9
LE
IO10
ME
IO11
SE

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

5th Round of Mutual Evaluations

Below are the planned assessment dates for Singapore in the 5th round of mutual evaluations.  These dates remain subject to change.

Singapore

Assessment Body
FATF-APG
Last evaluation
2016-06-01 00:00
Possible onsite period
2025-07-01 00:00
Possible Plenary discussion
2026-02-01 00:00

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  • 27 Sep 2016

    Singapore's measures to combat money laundering and terrorist financing The FATF conducted an assessment of Singapore’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations, and using the 2013 Methodology. The assessment is a comprehensive review of the effectiveness of Singapore’s AML/CFT system and its level of compliance with the FATF Recommendations.

  • 27 Jun 2016

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  • 25 Feb 2011

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  • 25 Feb 2011

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  • 29 Feb 2008

    Mutual Evaluation of Singapore The Financial Action Task Force (FATF) has completed an assessment of the implementation of anti-money laundering and counter-terrorist financing (AML/CFT standards in Singapore.
Head of delegation

Lead Ministry/Authority in the FATF Delegation

Ministry of Home Affairs

Others Ministries/Authorities

Attorney General's Chambers

Ministry of Finance

Ministry of Foreign Affairs 

Monetary Authority of Singapore

Singapore Police Forces 

Also member of

Head of delegation