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MER-Singapore-2016.Pdf Anti-money laundering and counter-terrorist financing measures Singapore Mutual Evaluation Report September 2016 The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing standard.and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CTF) For more information about the FATF, please visit the website: www.fatf-gafi.org For more information about the APG, please visit the website: www.apgml.org This document and/or any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. This assessment was adopted by the FATF at its June 2016 Plenary meeting. Citing reference: FATF and APG (2016), Anti-money laundering and counter-terrorist financing measures - Singapore, Fourth Round Mutual Evaluation Report, FATF, Paris and APG, Sydney www.fatf-gafi.org/publications/mutualevaluations/documents/mer-singapore-2016.html © 2016 FATF and APG. All rights reserved. No reproduction or translation of this publication may be made without prior written permission. Applications for such permission, for all or part of this publication, should be made to the FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, France (fax: +33 1 44 30 61 37 or e-mail: ). Photocredits coverphoto: ©[email protected] CONTENTS EXECUTIVE SUMMARY ............................................................................................................................. 3 Key Findings ................................................................................................................................................ 3 Risks and General Situation ......................................................................................................................... 5 Overall Level of Effectiveness and Technical Compliance ......................................................................... 5 Priority Actions .......................................................................................................................................... 10 Effectiveness & Technical Compliance Ratings ........................................................................................ 12 MUTUAL EVALUATION REPORT ........................................................................................................... 13 Preface ....................................................................................................................................................... 13 CHAPTER 1. ML/TF RISKS AND CONTEXT ...................................................................................... 15 ML/TF Risks and Scoping of Higher-Risk Issues ..................................................................................... 15 Materiality .................................................................................................................................................. 19 Structural Elements .................................................................................................................................... 20 Background and other Contextual Factors ................................................................................................. 21 CHAPTER 2. NATIONAL AML/CFT POLICIES AND COORDINATION......................................... 35 Key Findings and Recommended Actions ................................................................................................. 35 Immediate Outcome 1 (Risk, Policy and Coordination) ............................................................................ 36 CHAPTER 3. LEGAL SYSTEM AND OPERATIONAL ISSUES ........................................................ 45 Key Findings and Recommended Actions ................................................................................................. 45 Immediate Outcome 6 (Financial intelligence ML/TF) ............................................................................. 48 Immediate Outcome 7 (ML investigation and prosecution) ...................................................................... 54 Immediate Outcome 8 (Confiscation) ........................................................................................................ 66 CHAPTER 4. TERRORIST FINANCING AND FINANCING OF PROLIFERATION ........................ 77 Key Findings and Recommended Actions ................................................................................................. 77 Immediate Outcome 9 (TF investigation and prosecution)........................................................................ 79 Immediate Outcome 10 (TF preventive measures and financial sanctions) .............................................. 84 Immediate Outcome 11 (PF financial sanctions) ....................................................................................... 88 CHAPTER 5. PREVENTIVE MEASURES ............................................................................................ 91 Key Findings and Recommended Actions ................................................................................................. 91 Immediate Outcome 4 (Preventive Measures) ........................................................................................... 92 CHAPTER 6. SUPERVISION ............................................................................................................... 103 Key Findings and Recommended Actions ............................................................................................... 103 Immediate Outcome 3 (Supervision) ....................................................................................................... 104 CHAPTER 7. LEGAL PERSONS AND ARRANGEMENTS .............................................................. 115 Key Findings and Recommended Actions ............................................................................................... 115 Immediate Outcome 5 (Legal Persons and Arrangements) ..................................................................... 116 CHAPTER 8. INTERNATIONAL COOPERATION ............................................................................ 121 Key Findings and Recommended Actions ............................................................................................... 121 Anti-money laundering and counter-terrorist financing measures in Singapore – 2016 @ FATF and APG 2016 1 Immediate Outcome 2 (International Cooperation) ................................................................................. 122 TECHNICAL COMPLIANCE ANNEX..................................................................................................... 133 Recommendation 1 - Assessing Risks and applying a Risk-Based Approach ......................................... 133 Recommendation 2 - National Cooperation and Coordination ................................................................ 135 Recommendation 3 - Money laundering offence ..................................................................................... 136 Recommendation 4 - Confiscation and provisional measures ................................................................. 138 Recommendation 5 - Terrorist financing offence .................................................................................... 140 Recommendation 6 - Targeted financial sanctions related to terrorism and terrorist financing .............. 142 Recommendation 7 – Targeted financial sanctions related to proliferation............................................. 145 Recommendation 8 – Non-profit organisations ....................................................................................... 147 Recommendation 9 – Financial institution secrecy laws ......................................................................... 148 Recommendation 10 – Customer due diligence ...................................................................................... 149 Recommendation 11 – Record-keeping ................................................................................................... 153 Recommendation 12 – Politically exposed persons ................................................................................. 154 Recommendation 13 – Correspondent banking ....................................................................................... 155 Recommendation 14 – Money or value transfer services ........................................................................ 156 Recommendation 15 – New technologies ................................................................................................ 157 Recommendation 16 – Wire transfers ...................................................................................................... 158 Recommendation 17 – Reliance on third parties ..................................................................................... 159 Recommendation 18 – Internal controls and foreign branches and subsidiaries ..................................... 161 Recommendation 19 – Higher-risk countries .......................................................................................... 162 Recommendation 20 – Reporting of suspicious transaction ...................................................................
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