AML/CFT

Singapore's AML/CFT Policy Statement

Singapore adopts a whole-of-government approach to combating money laundering and terrorism financing (ML/TF). This is led by the Anti-Money Laundering and Countering the Financing of Terrorism Steering Committee (“AML/CFT Committee”), comprising the Permanent Secretary of the Ministry of Home Affairs, Permanent Secretary of the Ministry of Finance and Managing Director of the Monetary Authority of Singapore.

Singapore’s AML/CFT policy objectives are to: i) detect, deter and prevent money laundering, associated predicate offences and terrorism financing; and ii) protect the integrity of its financial system from illegal activities and illicit fund flows. The AML/CFT efforts are centred on having a sound and comprehensive legal, institutional, policy and supervisory framework; low crime rate; intolerance for corruption; an efficient judiciary; close international cooperation with other jurisdictions; an established culture of compliance; effective monitoring of the measures implemented; and decisive law enforcement actions against ML/TF threats.

To achieve the policy objectives, Singapore follows these principles:

• Allocate law enforcement, financial intelligence and supervisory resources on a risk-sensitive basis

• Maintain close policy and operational coordination and cooperation across the Government

• Take a preventive approach that combines tough licencing and comprehensive reporting requirements, strict AML/CFT regulations, and risk-based supervision of the relevant financial and non-financial sectors

• Enhance private sector stakeholders’ understanding of ML/TF risks and promote a culture of compliance

• Take decisive and deterrent law enforcement action against ML/TF activity, including that relating to foreign crimes

• Disrupt drug dealing and other serious offences early to prevent proceeds from being laundered

• Provide assistance to other jurisdictions through formal and informal channels spontaneously and on request

• Rigorously implement and contribute to the development of international standards, including the international standards on combating money laundering and the financing of terrorism and proliferation set by the Financial Action Task Force and United Nations Security Council Resolutions (particularly for targeted financial sanctions related to terrorism and proliferation of weapons of mass destruction)

AML/CFT Steering Committee

Singapore's National Risk Assessment (NIRA) Report

Click here for the press release dated 14 Jan 2016.