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.