SINGAPORE HAS A QUALITY AML/CFT SYSTEM ON PAPER, BUT ENFORCEMENT COULD BE BETTER, SAYS FATF
September 1st, 2016
SINGAPORE may have a robust anti-money laundering (AML) regime on paper, but the effective use of its AML laws and agencies require improvement, the country’s latest Financial Action Task Force (FATF) assessment has concluded. While FATF found that Singapore had substantially effective risk assessments, policies and coordination regarding ML, it had only moderate success in preventative measures, supervision, investigation, prosecution and confiscation. For fighting terror finance, the city state’s performance was worse with low effectiveness on investigation ...
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