Singapore’s FATF Mutual Evaluation Report: Key Findings
In a report released by the Financial Action Task Force (FATF) on Tuesday, Singapore’s policies relating to money laundering and terrorist financing were analyzed and examined in detail. The report is the latest to be produced by the FATF as part of the organization’s Mutual Evaluations program, which was enacted in 2012.
Overall, the report praises the efforts of the Singaporean authorities in the steps they have taken to mitigate money laundering associated risks, the active identification of such risks and the consequent actions and proceedings that follow. The National Risk Assessment (NRA) in particular is lauded for their cooperation and participation in the production of the report.
However, while commended for the plethora of existing relevant legislation, the report also noted the lack of enforcement as a factor in need of address. Singapore scarcely prosecutes foreign criminal offenders for crimes relating to money laundering, the report claims. What’s more, while suspicious transaction reports in the territory are prevalent, the FATF criticize Singapore’s subsequent actions – as such reports have seldom resulted in criminal investigations and proceedings.
Singapore has been rated highly and commended for a significant level of international cooperation in investigations; however, the report recommends a greater focus on the processing time of international requests for information. Further areas highlighted for improvement include the risk assessment of money laundering and terrorist financing, risk assessment policies for legal persons, and a greater emphasis on the confiscation of criminal proceeds.
A summary of the report’s key findings is available on the FATF website.