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Singapore Launches Anti-Money Laundering Risk Assessment

by Mary Swire, Tax-News.com, Hong Kong

25 October 2013


A joint Steering Committee in Singapore – led by the Monetary Authority of Singapore, the Ministry of Home Affairs and the Ministry of Finance – has launched a comprehensive assessment of money laundering (ML) and terrorist financing (TF) risks in the country.

The National Risk Assessment (NRA) is an ML/TF risk audit of not only the financial sector but also designated non-financial businesses and professions, such as casinos, dealers in precious metals and stones, legal professionals and accountants, and trust and company service providers, in Singapore.

The NRA will culminate in a report that includes an analysis of ML/TF threats and proposals to address the risks identified. Under the recently revised standards of the inter-governmental Financial Action Task Force (FATF), a country is expected to identify and assess its ML and TF risks, and to keep this assessment up-to-date. The NRA is expected to meet this expectation.

It was stressed that the NRA "will build on Singapore's ongoing efforts to ensure that our financial sector and economy stay sound and clean." Previously, it was added, "the various government agencies have been working closely with the industry to put in place appropriate ML/TF measures, such as requiring financial institutions to review high tax-risk accounts, consider the ML/FT risks arising from jurisdictions identified by the FATF, and mitigate any risks involved."

The results of the assessment will be presented in a report to be published by the end of 2013.

TAGS: individuals | money-laundering | compliance | Finance | tax | business | tax compliance | law | financial services | Singapore | ministry of finance | professionals | standards | Financial Action Task Force (FATF) | services

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