Enhancing the Anti-Money
Laundering and Counter Terrorism-Financing Regime
MAS continued to
enhance Singapore’s Anti-Money Laundering and
Counter Terrorism-Financing (AML/CFT) regime by providing
further guidance to clarify customer due diligence
(CDD) requirements. Singapore also ratified the United
Nations Convention Against Corruption (UNCAC) in November
2009. As part of industry engagement, MAS continues
to support the biannual industry conferences organised
by the Association of Banks in Singapore (ABS) to
promote industry best practices and capabilities.
As a member of the Financial Action Task Force (FATF)
and the Asia/Pacific Group on Money Laundering (APG),
Singapore is also active in global and regional AML/CFT
efforts. Singapore is the current co chair of the
APG and hosted the group’s annual meetings in
July 2010.
In addition, Singapore
has passed legislative amendments to facilitate implementation
of the Organisation for Economic Co-operation and
Development (OECD) Standards for Transparency and
Exchange of Information for Tax Purposes, in our Avoidance
of Double Taxation Agreements. The Standard allows
Singapore to exchange information for tax purposes
upon request. Singapore has been recognised by the
OECD as a jurisdiction that has substantially implemented
the internationally agreed Standard.
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