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Professional accountants are encouraged to subscribe to the Monetary Authority of Singapore (MAS)’s targeted financial sanctions website for updates on changes to the lists of United Nations designated individuals and entities, for the purpose of complying with the anti-money laundering and countering the financing of terrorism requirements in the Ethics Pronouncement (EP) 200.
Please click here for the latest updates from MAS. Last update was on 11 November 2016. You may also subscribe for email updates on MAS’ “Anti-Money Laundering / Countering the Financing of Terrorism and Targeted Financial Sanctions” here.
The Financial Action Task Force (FATF) issued an updated Public Statement that highlighted the strategic deficiencies in the AML/CFT regimes. Non-financial institutions that are subjected to AML/CFT requirements in Singapore are advised to note the updated Statement and take appropriate measures in accordance with respective AML/CFT obligations. Separately, the FATF also issued an updated Statement on its on-going process to improve global AML/CFT compliance. This statement provides information on a list of jurisdictions that have committed to action plans to address and strengthen their respective AML/CFT deficiencies, and would assist financial institutions and relevant non-financial institutions in risk assessment and mitigation.
Read more Please click here for the October 2016 FATF Statement