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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.
Related Resources
| Useful Resources | Issued by | Issue Date | |
| Best Practice Paper – Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Audit Effectiveness for Banks: Key Baseline Standards and Best Practices | Association of Banks in Singapore | Oct 2024 | Download |
| A Summary of Requirements and Guidelines for Professional Accountants in Singapore | ISCA | Nov 2014 | Download |
FATF Report on Detecting Terrorist Financing: Relevant Risk Indicators1 | FATF | - | Click here to access
|
Guidance on Submission of STRs related to Panama Papers1 | Click here to access | ||
FATF Guidance on Counter Proliferation Financing | FATF | Click here to access | |
Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Cap. 65A | Click here to access | ||
Terrorism (Suppression of Financing) Act, Cap. 325 | Click here to access | ||
Penal Code, Cap. 224 | Click here to access |
1As only ISCA Members can access these documents, you are required to input your Member Services Portal login credentials to gain access.