Expectations of professional accountants to combat money laundering and terrorism 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, terrorism 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 EP 200 Anti-Money Laundering and Countering the Financing of Terrorism – Requirements and Guidelines for Professional Accountants in Singapore.
For more information on EP 200, click here.
Please click here for a summary of EP 200.
Screening Against Prohibited Relationships
Professional accountants should be aware of the various screening lists and sanctions against dealing with certain entities in relation to proliferation financing.
Append below are the links to the relevant regulations. Professional accountants should perform the necessary due diligence and perform the screening against the regulations below.
Current Subsidiary Legislation of United Actions Act
MAS prohibited relationships
Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Cap. 65A
Terrorism (Suppression of Financing) Act, Cap. 325
Penal Code, Cap. 224
MAS Regulatory and Supervisory Framework on AML and CFT
Combating Money Laundering - Accountants to Do More
Financial Crime Strategy - Tackling a Trillion-dollar Issue