Singapore is a member of several international anti-money laundering and counter financing of terrorism (AML/CFT) organisations. Membership in these organisations underscores Singapore's commitment to the fight against money laundering and terrorism financing.
The FATF (based in Paris) was set up in 1989 to examine the problem and trends of money laundering activities. Singapore has been a member of the FATF since September 1991. FATF has issued a set of 40 Recommendations, currently used internationally to measure the effectiveness of a country's anti-money laundering regime.
In June 2003, FATF completed the revision of the 40 Recommendations to better combat money laundering as well as the financing of terrorism. One of the significant changes adopted in the revised FATF 40 Recommendations is the extension of anti-money laundering measures to designated non-financial businesses and professions such as casinos, real estate agents, dealers of precious metals/stones, accountants and lawyers.
Shortly after the terrorist attacks of 11 September 2001, the FATF expanded its mission to include the development and promotion of policies to combat terrorist financing. To this end, in October 2001, the FATF further issued its Eight special recommendations (SR) i.e. SR I to SR VIII on terrorism financing aimed at denying terrorists and their supporters' access to the international financial system. In October 2004, the FATF issued a new SR i.e. SR IX which focuses on the use of cash couriers in terrorism financing activities. As a member of FATF, Singapore must comply with both sets of recommendations.
In the Asia/Pacific region, there is a FATF-style regional grouping known as the Asia/Pacific Group on Money Laundering (APG). The APG was formed in 1997 to prevent and detect money laundering in the region. Singapore is a founding member of the APG and strongly supports the objectives and activities of the APG.
In June 2005, Singapore hosted the inaugural region-focused plenary meeting of the FATF and this is the first time the meeting featured a joint session between FATF and the APG. The hosting of the plenary meeting by Singapore offers an opportunity for APG to showcase the contributions of APG member countries, in the global fight against money-laundering and terrorist financing.
The Egmont Group of FIUs was established in June 1995 to provide an avenue for the timely sharing of information and provision of assistance between different jurisdictions. A FIU is defined as a central, national agency responsible for receiving (and as permitted, requesting), analysing and disseminating to the competent authorities, disclosures of financial information:
- concerning suspected proceeds of crime, or
- required by national legislation or regulation, in order to counter money laundering.
STRO, as Singapore's FIU, was admitted into the Egmont Group in June 2002 and has since provided timely and valuable assistance to many FIUs from various countries in the Egmont group. Click here for the complete list of FIUs in the Egmont Group.
STRO has maintained good working relationships with its foreign counterparts.
"... the cooperation STRO has managed to provide us with so far has been comprehensive and we have received it in a timely manner. We look forward to our mutual cooperation....."
From an overseas FIU counterpart
dated 30 Mar 2007
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"...We have received 3 pieces of information from your office. The first 2 pieces … contained valuable information and … was passed on to appropriate unit for further investigation … The third piece of information was indexed... "
From an overseas FIU counterpart
dated 9 Mar 2007
"... The visit program provided by your FIU was both comprehensive and informative... benefited (us) substantially, both in terms of gaining a better understanding of the Intelligence and other functions of STRO... We look forward to the next opportunity to strengthen our anti-money laundering and counter terrorism financing capabilities together..."
From an overseas FIU counterpart
dated 24 Sep 2007 |