The FATF have recently conducted an assessment of Singapore’s AML/CTF (anti-money laundering and counter-terrorist financing) regulations. The valuation concludes a comprehensive evaluation & assessment of the efficiency of Singapore’s current system and ensures the islands level of compliance is in line with the FATF recommendations.
Singapore has a robust regulatory & institutional framework in which to effectively combat money laundering & terrorist financing activities. Singapore’s AML coordination is extremely refined and inclusive of all appropriate authorities. The current authorities have a sound understanding of the risks and are continually making actions to moderate them.
The report does note however, that the general level of understanding of money laundering risks vary between financial institutions, with some demonstrating a significantly less developed understanding of said risks. The FATF have encouraged the continued carrying out of comprehensive risk assessments for any type of legal entities, including legal arrangements.