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The Financial Action Task Force (FATF) published a peer evaluation report of Singapore, which strongly affirmed that Singapore has a robust and effective framework and process to counter money-laundering (ML), terrorism financing (TF) and proliferation financing (PF).
The FATF assessed Singapore to have:
(i) Robust governance structures and legal framework to address ML/TF/PF risks, supported by strong operational coordination and cooperation mechanisms.
(ii) A sound ML/TF/PF risk understanding across the whole of Government and among Anti-Money Laundering (AML)/ Counter Financing of Terrorism (CFT)/ Counter Proliferation Financing (CPF)-obligated entities (such as banks), supported by strong cooperation among stakeholders in the public and private sectors, and with international counterparts.
(iii) A robust and risk-focused system of supervision of AML/CFT-obligated entities.
(iv) A well-established law enforcement system supporting investigations and prosecutions, including the effective use of financial intelligence, strong asset recovery capabilities and international cooperation.
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