CONTENTS
HOME
OUR WORK - Managing Risks, Sustaining Growth
A MORE CHALLENGING POLICY ENVIRONMENT
MONETARY POLICY - PROVIDING AN ANCHOR FOR PRICE STABILITY OVER THE MEDIUM-TERM
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY
A SOUND AND PROGRESSIVE FINANCIAL CENTRE
CURRENCY
 
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY 20
 
International Financial Markets: Subprime Crisis 20
 
Asia: Resilient So Far But There Are Risks 23
 
Enhanced Surveillance and Supervision 24
 
Money Markets: Staying Vigilant 24
 
Business Continuity and Crisis Management 25
 
FATF Mutual Evaluation Exercise 2007/2008 26
 
AML/CFT Notice to SVF Holders 26
 
External Validation Performed Between Other Ministries' Internal Audit Departments and MAS 26
 
Box Story 2 - Audit Committee Guidance Committee 27
 
Risk Management Guidelines for Insurance Companies 28
 
Consumer Protection (Fair Trading) Act - Inclusion of Financial Products and Services 28
 
Corporate Governance of Listed Companies 28
 

FATF Mutual Evaluation Exercise 2007/2008

The Financial Action Task Force (FATF) is an inter-governmental body which focuses on the development and promotion of national and international policies to combat money laundering and terrorist financing. As a member of the FATF, Singapore supports the work of the FATF and participated in a mutual evaluation in 2007/2008 to benchmark ourselves against international standards. As part of this exercise, MAS, members of the financial industry and other Singapore government agencies, met with an assessment team during an onsite visit from 3 to 14 September 2007.

The outcome of the mutual evaluation affirmed the high standards of Singapore's anti-money laundering and countering the financing of terrorism (AML/CFT) regime. The assessment recognised that Singapore operates a strict and rigorous AML/CFT regime, which is centred on having a comprehensive and sound legal, institutional, policy and supervisory framework.