MAS Invites Comments for Revised Notice on Prevention of Money Laundering
Singapore, 3 January 2005...The Monetary Authority of Singapore (MAS) is revising the Notice on Prevention of Money Laundering and has released a consultation paper on the proposed revisions.
2 The revised Notice updates Singapore's anti money laundering and counter terrorist financing (AML/CFT) regime to take into account recent international developments. The Notice now establishes a more comprehensive framework of measures designed to prevent the misuse of the banking sector in Singapore to launder money or finance terrorism. The key changes include:
Extending its coverage to countering of terrorist financing.
A more detailed set of customer due diligence (CDD) measures that banks must perform.
Recognition of a risk-based approach for CDD.
A new requirement for banks to include originator information in cross-border wire transfers, in line with the Financial Action Task Force's Special Recommendation VII on Wire Transfers.
3 While the Notice only applies to banks, MAS will also update the AML/CFT regime for other financial institutions supervised by MAS. As such, MAS welcomes comments on AML/CFT measures for these financial institutions.
4 The consultation paper is posted on the MAS website and comments should reach MAS by 18 February 2005. Please submit your comments to email@example.com.
Singapore is an active participant in the global fight against money laundering and terrorism financing. Singapore has been a FATF member since 1991 and a member of Asia/Pacific Group on Money Laundering since its inception in 1997.
Singapore's comprehensive legal, institutional, policy and supervisory framework to combat money laundering and terrorism financing was endorsed under the IMF/World Bank Financial Sector Assessment Programme (FSAP) in August 2003. The FSAP team that assessed Singapore's AML/CFT regime against the FATF standards also noted that financial institutions here have a strong compliance culture for AML/CFT.
Singapore will host a FATF plenary meeting in June 2005. This is the first time that a FATF plenary will take place in South-east Asia. FATF holds three plenary meetings each year - February, June and October.
Financial Action Task Force (FATF)
FATF is an inter-governmental body whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing.
FATF's standards are recognised and adopted by almost all countries in the world. International organisations such as the IMF, World Bank, the Bank of International Settlement, the International Association of Insurance Supervisors and the International Organisation of Securities Commissions also recognise and adopt FATF's standards.
In June 2003, FATF revised its 40 Recommendations on Money Laundering to ensure that the Recommendations remain relevant and effective. Combined with the Eight Special Recommendations on combating terrorist financing, the revised 40 Recommendations now form a comprehensive framework of minimum standards designed to combat money laundering and terrorist financing. For more information on FATF and its revised recommendations on money laundering and terrorist financing, visit http://www.fatf-gafi.org/index.htm