MOF seeks to advance Singapore’s interests in international finance and economics through active participation in the discussions of related issues on multilateral and regional platforms such as ASEAN, ASEAN+3, APEC, G20, and the Multilateral Development Banks.
Our active participation in bilateral and multilateral engagements helps MOF to:
- strengthen relations with counterparts,
- create mutually beneficial partnerships, and
- shape the outcomes of international negotiations in line with MOF’s policies and goals.
MOF also works with agencies in the wider MOF family (e.g. ACRA, Customs, IRAS) to advance and safeguard their international interests at these platforms.
ASEAN/ASEAN+3/APEC
As a member of ASEAN, ASEAN+3 and APEC, MOF works with regional partners to develop, shape and advance collaboration in the areas of international finance, tax reform, trade and investment facilitation, so as to support regional financial stability and economic prosperity.
Financial Action Task Force (FATF)
Singapore holds the Presidency of the Financial Action Task Force (FATF) for a fixed two year term between 1 Jul 2022 and 30 Jun 2024, with Mr T. Raja Kumar, Senior Advisor (International), Ministry of Home Affairs serving as the FATF President.
The FATF Ministerial Meeting on 18 April 2024 held in Washington DC was chaired by Minister Indranee Rajah (Minister in the Prime Minister’s Office, Second Minister for Finance and Second Minister for National Development).
At the meeting, FATF Ministers adopted the FATF Ministerial Declaration, noting that the FATF has delivered on its strategic priorities under the Singapore Presidency, and endorsed the FATF’s strategic priorities for the next biennium. Ministers reaffirmed their unwavering commitment to combat financial crime, and fully supported the FATF as the global standard-setter for preventing and combating money laundering, terrorism financing, and the financing of the proliferation of weapons of mass destruction (ML/TF/PF). Ministers also pledged to swiftly implement the FATF Standards to effectively tackle ML/TF/PF, and to hold accountable any members that fail to do so. The Ministerial Declaration can be accessed here: https://www.fatf-gafi.org/en/the-fatf/ministerial-declarations.html
The significant progress achieved by the FATF during the Singapore Presidency includes:
- Strengthening the FATF Standards on asset recovery
- Improving global beneficial ownership transparency for legal persons and legal arrangements
- Responding to contemporary risks such as cyber-enabled fraud, ransomware financing, crowdfunding for terrorism, and misuse of citizenship and residency by investment schemes
- Deepening cooperation with international partners such as the International Monetary Fund (IMF), World Bank (WB), UNODC and INTERPOL, among others
- Strengthening the relationship with the FATF-Style Regional Bodies.
G20
MOF participates in G20 meetings to contribute to global commons issues that require international cooperation. These platforms also serve as useful opportunities for us to engage and exchange ideas with key partner countries.
Multilateral Development Banks
MOF seeks to create sector-specific opportunities for Singaporeans and Singapore-based companies through partnerships with Multilateral Development Banks. By supporting the establishment of the World Bank-Singapore Infrastructure and Urban Development
Hub and the ADB Singapore Office, as well as enhancing collaborations with the Asian Infrastructure Investment Bank, MOF strengthens Singapore’s position as a regional infrastructure financing hub and deepens Singapore’s capabilities in
project financing and structuring.