October 2022 FATF Statement
Read MAS' announcement on the October 2022 FATF Statement highlighting jurisdictions with strategic deficiencies in AML/CFT.
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”. As such, financial institutions in Singapore (FIs) should continue to refer to the previous FATF Statement issued in February 2020, which highlighted the strategic deficiencies in the anti-money laundering and countering the financing of terrorism (AML/CFT) regimes of the DPRK and Iran. While the FATF Statement may not reflect the most recent status of the DPRK’s and Iran’s AML/CFT regimes, the FATF’s call for action against these two high-risk jurisdictions remains in effect:
Since October 2022, given Myanmar’s continued lack of progress in addressing the strategic deficiencies in its AML/CFT regime and that the majority of its action plan items are still not addressed more than a year after its action plan expired in September 2021, the FATF decided that further action was necessary in line with its procedures and called on all jurisdictions to apply enhanced due diligence measures proportionate to the risks arising from Myanmar. FATF has urged Myanmar to fully address its AML/CFT deficiencies. Myanmar will continue to remain on the list of countries subject to FATF’s call for action until its full action plan is completed. FIs should therefore continue to be alert to the heightened risks arising from the situation in Myanmar. To this end, as communicated by MAS in the previous circular and statement on managing Myanmar risks, FIs must apply enhanced due diligence measures accordingly to detect and mitigate the risks associated with higher-risk customers and transactions. In accordance with the October 2022 FATF Statement, FIs should ensure that flows of funds for humanitarian assistance, legitimate Non-Profit Organisation (NPO) activities and remittances are not disrupted when applying enhanced due diligence measures. For the avoidance of doubt, the FATF did not call for other countermeasures against Myanmar, unlike in the case of DPRK and Iran.
Further details can be found in the following links:
These FATF Statements would assist FIs in their risk assessment and mitigation. Non-FIs that are subject to AML/CFT requirements in Singapore are also advised to note these Statements and take appropriate measures in accordance with their AML/CFT obligations and the relevant United Nations Regulations.
Read MAS' announcement on the October 2022 FATF Statement highlighting jurisdictions with strategic deficiencies in AML/CFT.
Read MAS' announcement on the June 2022 FATF Statement highlighting jurisdictions with strategic deficiencies in AML/CFT.
Read MAS' announcement on the March 2022 FATF Statement highlighting jurisdictions with strategic deficiencies in AML/CFT.