A closer look at the FATF Mutual Evaluation Report for Singapore
The Financial Action Task Force (FATF) and Asia/Pacific Group on Money Laundering (APG) recently completed an assessment of Singapore’s anti-money laundering and counter-terrorist financing (AML/CFT) system.
The report highlights that Singapore has a strong anti-money laundering and counter financing of terrorism (AML/CFT) framework. However, there are weaknesses in ensuring effective implementation especially in the Designated Non-Financial Business and Professions (DNFBPs) sector. The diversity in size, scale and complexities of DNFBPs in their businesses is a key consideration as some of them may not have the infrastructure and financial means to implement costly monitoring and reporting mechanisms/systems.