Anti-Money Laundering and Countering the Financing of Terrorism

Requirements and Guidelines for Professional Accountants in Singapore

Expectations of professional accountants to combat money laundering and terrorist financing are rising. Internationally, there are increasing calls for professional accountants to adopt measures that are at least up to the international standards recommended by the Financial Action Task Force (FATF). Singapore is a member of the FATF, an inter-governmental body established to set standards and to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and the financing of proliferation, and other related threats to the integrity of the international financial system. As a member of the FATF, Singapore is obliged to comply with the "International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation" issued by the FATF (FATF Recommendations) and is subject to FATF mutual evaluations on the adoption of FATF Recommendations. The FATF Recommendations include requirements for accountants.

In response, ISCA has developed the new Ethics Pronouncement (EP) 200 to provide requirements and guidelines to accountants in relation to anti-money laundering and countering the financing of terrorism.

Please click here for  EP 200 Anti-Money Laundering and Countering the Financing of Terrorism – Requirements and Guidelines for Professional Accountants in Singapore. 

Please click here for a summary of EP 200.


Related Resources

EP 200 Implementation Guidances

Targeted Financial Sanctions

Latest News and Updates

Regulations

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Cap. 65A

Terrorism (Suppression of Financing) Act, Cap. 325

Penal Code, Cap. 224

Publications

Combating Money Laundering - Accountants to Do More

Financial Crime Strategy - Tackling a Trillion-dollar Issue

Battling Money Laundering - Using Profiling to Identify Dodgy Customers 

Upholding Singapore's Reputation as a Trusted Financial Hub - Accountants Contribute to Anti-Money Laundering and Countering the Financing of Terrorism

Holding True to the ISCA Oath

Anti-Money Laundering

Reports and Guidance from STRO

(As only ISCA Members can access these documents, you are required to input your Member Services Portal login credentials to gain access) 

Guidance on Submission of STRs related to Panama Papers

Reports and Guidance from FATF

FATF Guidance on Counter Proliferation Financing

(As only ISCA Members can access these documents, you are required to input your Member Services Portal login credentials to gain access)

FATF Report on Detecting Terrorist Financing: Relevant Risk Indicators