October 2026 FATF Statement

The Democratic People’s Republic of Korea (DPRK) and Iran continue to remain on the FATF’s list of “High-Risk Jurisdictions subject to a Call for Action” and is subject to the FATF’s call for counter-measures. Financial institutions in Singapore (FIs) should thus continue to pay attention to the money laundering (ML), terrorist financing (TF) and proliferation financing (PF) risks in dealing with persons from the DPRK and Iran, and comply and adopt the relevant risk mitigation measures.

• On the DPRK, the FATF remains concerned by the DPRK’s continued failure to address the significant deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime and the serious threats posed by the DPRK’s illicit activities related to the proliferation of weapons of mass destruction (WMDs) and its financing. Despite the continuous calls for countries to implement targeted financial sanctions in accordance with United Nations Security Council Resolutions and apply countermeasures, the FATF noted that DPRK has increased connectivity with the international financial system, which raises PF risks. The FATF calls for greater vigilance and renewed implementation and enforcement of these countermeasures against the DPRK.
• All FIs are to give special attention to business relationships and transactions with the DPRK, including DPRK companies, financial institutions, and those acting on their behalf, whether directly or indirectly. ¹ FIs should remain vigilant to the ML/TF/PF risks, and consider the DPRK a high-risk jurisdiction and apply enhanced due diligence measures accordingly. FIs should also continue to comply with the requirements in the Financial Services and Markets (Sanctions and Freezing of Assets of Persons – Democratic People’s Republic of Korea) Regulation 2023 and apply appropriate risk mitigation measures taking into account relevant guidance provided by MAS.
  
  
• On Iran, its action plan expired in January 2018 and in February 2020, the FATF noted that Iran had not completed its action plan, called on all jurisdictions to apply effective countermeasures in line with FATF Recommendation 19.  The FATF has found that Iran reported limited technical progress by establishing a framework to receive international asset freezing requests. The FATF continues to find that fundamental deficiencies remain in Iran’s regime, particularly in the criminalisation of TF and the TFS framework, as well as its implementation of the Palermo and TF Conventions. Considering the United Nations Security Council Resolutions related to Iran’s lack of compliance with its nuclear non-proliferation obligations, the FATF reminded all jurisdictions of their obligations under the FATF standards to address PF risks emanating from Iran. Additionally, given the ongoing TF and PF threats emanating from Iran and as Iran’s action plan remains incomplete, the FATF reiterates its call on its members and urges all jurisdictions to apply effective countermeasures on Iran.
• All FIs are to give special attention to business relationships and transactions with Iran, including Iranian companies, financial institutions, and those acting on their behalf, whether directly or indirectly. FIs should remain vigilant to the risks and consider Iran a high-risk jurisdiction and apply enhanced due diligence measures accordingly. In light of the re-imposition of sanctions on Iran post-JCPOA, FIs should also continue to comply with the requirements in the Financial Services and Markets (Sanctions and Freezing of Assets of Persons – Iran) Regulations 2023 and apply appropriate risk mitigation measures taking into account relevant guidance provided by MAS. 

Since October 2022, the FATF has called on all jurisdictions to apply enhanced due diligence measures proportionate to the risks arising from Myanmar.

• FATF noted limited progress over the past five years since the expiry of Myanmar’s action plan, and has urged Myanmar to urgently work on implementing its action plan to fully address these deficiencies. FATF continued to note that fraud and cyber scam activities in Myanmar remain extensive and present significant illicit finance risks, despite some steps Myanmar has taken to tackle fraud and cyber scam operations, including planning the establishment of a national anti-online scams centre and strengthening regional and international cooperation, and has called on Myanmar to take appropriate action to address the risks. 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 (and reiterated in subsequent statements), FIs should ensure that flows of funds for humanitarian assistance, legitimate Non-Profit Organisation (NPO) activities and remittances are neither disrupted nor discouraged when applying enhanced due diligence measures.
• For the avoidance of doubt, the FATF has not called for other countermeasures against Myanmar, unlike in the case of DPRK and Iran. 
  

Further details can be found in the following links:

• October 2026 FATF Statement on the list of “Jurisdictions under Increased Monitoring” - https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-october-2026.html
• October 2026 FATF Statement on the list of “High-Risk Jurisdictions subject to a Call for Action” - https://www.fatf-gafi.org/content/fatf-gafi/en/publications/High-risk-and-other-monitored-jurisdictions/call-for-action-october-2026.html

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.

¹ As set out in UNSCR 2270, DPRK frequently uses front companies, shell companies, joint ventures and complex, opaque ownership structures for the purposes of violating sanctions.