On 22 October 2010, the Financial Action Task Force (FATF), of which Singapore is a member, issued an updated statement that highlighted the strategic deficiencies in the anti-money laundering/combating the financing of terrorism (AML/CFT) regimes of Iran and the Democratic People’s Republic of Korea (DPRK). The text of the FATF statement can be found at:
http://www.fatf-gafi.org/document/36/0,3343,en_32250379_32236992_46236900_1_1_1_1,00.html
Financial institutions are advised to accord due consideration to the above FATF statement and take the appropriate action as recommended by the FATF with respect to the named jurisdictions.
Separately, FATF has issued an updated statement on its ongoing process to improve global AML/CFT compliance. This statement provides information on a list of jurisdictions that have committed to action plans to address and strengthen their respective AML/CFT deficiencies. The second FATF statement can be found at:
http://www.fatf-gafi.org/document/31/0,3343,en_32250379_32236992_46237087_1_1_1_1,00.html
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