June 2015 FATF Statement
On 26 June 2015, the Financial Action Task Force (FATF), of which Singapore is a member, issued an updated Public Statement that highlighted the strategic deficiencies in the anti-money laundering/combating the financing of terrorism (AML/CFT) regime of two groups of jurisdictions:
- Democratic People’s Republic of Korea (DPRK) and Iran which have not shown sufficient commitment to address their serious AML/CFT deficiencies.
- Algeria and Myanmar which have not yet made sufficient progress in addressing their strategic AML/CFT deficiencies.
Details of the FATF Statement can be found at:
Financial institutions are advised to accord due consideration to the above FATF Statement and take the appropriate action(s) and level of due-diligence measures, as specified in the MAS AML/CFT Notices.
Separately, the FATF has issued an updated statement on its on-going 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, and would assist financial institutions in your risk assessment and mitigation. The second FATF statement can be found at:
FATF StatementPublished Date: 02 March 2023
February 2023 FATF statement
February 2023 FATF Statement The Financial Action Task Force (FATF) has continued to pause the review process for the Democratic People’s Republic of Korea (DPRK) and Iran in light of the COVID-19 pandemic and given that the DPRK and Iran are already in the list of “High-Risk Jurisdictions subject to a Call for Action”....
FATF StatementPublished Date: 01 November 2022
October 2022 FATF Statement
Read MAS' announcement on the October 2022 FATF Statement highlighting jurisdictions with strategic deficiencies in AML/CFT.
FATF StatementPublished Date: 27 June 2022
June 2022 FATF Statement
Read MAS' announcement on the June 2022 FATF Statement highlighting jurisdictions with strategic deficiencies in AML/CFT.