Singapore has once again been recognised internationally for its strong anti-financial crime framework. According to the latest peer evaluation report issued by the Financial Action Task Force<\/span><\/span> (FATF), Singapore maintains a robust and effective system to combat money laundering, terrorism financing, and proliferation financing.<\/p>\n The assessment highlights Singapore\u2019s continued commitment to maintaining a trusted and credible financial centre while strengthening its Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), and Counter Proliferation Financing (CPF) measures.<\/p>\n The FATF evaluated Singapore under its 5th round Mutual Evaluation process and concluded that Singapore possesses:<\/p>\n Furthermore, Singapore was placed under \u201cRegular Follow-up,\u201d a category reserved for jurisdictions that perform well in FATF assessments.<\/p>\n This represents an improvement from Singapore\u2019s previous assessment in 2016, despite stricter international standards introduced by the FATF over the years.<\/p>\n The report also highlighted Singapore\u2019s strong cooperation between:<\/p>\n In particular, sectors such as banks and virtual asset service providers demonstrated strong awareness of proliferation financing risks and compliance obligations.<\/p>\n This reinforces Singapore\u2019s reputation as a well-regulated financial hub with effective risk management practices.<\/p>\n Although Singapore received positive recognition, the FATF also identified areas where further improvements can be made.<\/p>\n These include:<\/p>\n Nevertheless, the report acknowledged that Singapore already has reasonably sound mechanisms to obtain beneficial ownership information in a timely manner.<\/p>\n The joint statement issued by the Monetary Authority of Singapore<\/span><\/span>, Ministry of Home Affairs<\/span><\/span>, and Ministry of Finance<\/span><\/span> emphasised that Singapore remains firmly committed to complying with FATF standards.<\/p>\n The authorities also acknowledged that financial crime risks continue evolving rapidly due to:<\/p>\n Therefore, Singapore will continue refining its AML\/CFT\/CPF framework in a risk-proportionate manner.<\/p>\n Singapore also announced plans to expand COSMIC, the country\u2019s collaborative information-sharing platform for AML\/CFT matters.<\/p>\n The expansion aims to:<\/p>\n1. FATF Recognises Singapore\u2019s Strong AML Framework<\/h5>\n
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2. Strong Cooperation Between Government and Financial Institutions<\/h5>\n
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3. Areas Identified for Further Enhancement<\/h5>\n
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4. Continued Commitment Against Financial Crime<\/h5>\n
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5. Expansion of COSMIC Information Sharing<\/h5>\n