DOCSLIB.ORG

MER-Singapore-2016.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

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 ...................................................................
Recommended publications
  • 3668212B-95De-4Ea1-9934

    3668212B-95De-4Ea1-9934

    THE STATUTES OF THE REPUBLIC OF SINGAPORE CORRUPTION, DRUG TRAFFICKING AND OTHER SERIOUS CRIMES (CONFISCATION OF BENEFITS) ACT (CHAPTER 65A) (Original Enactment: Act 29 of 1992) REVISED EDITION 2000 (1st July 2000) Prepared and Published by THE LAW REVISION COMMISSION UNDER THE AUTHORITY OF THE REVISED EDITION OF THE LAWS ACT (CHAPTER 275) Informal Consolidation – version in force from 2/1/2021 CHAPTER 65A 2000 Ed. Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act ARRANGEMENT OF SECTIONS PART I PRELIMINARY Section 1. Short title 2. Interpretation 2A. Meaning of “item subject to legal privilege” 3. Application 3A. Suspicious Transaction Reporting Office PART II CONFISCATION OF BENEFITS OF DRUG DEALING OR CRIMINAL CONDUCT 4. Confiscation orders 5. Confiscation orders for benefits derived from criminal conduct 5A. Confiscation order unaffected by confiscation order under Organised Crime Act 2015 6. Live video or live television links 7. Assessing benefits of drug dealing 8. Assessing benefits derived from criminal conduct 9. Statements relating to drug dealing or criminal conduct 10. Amount to be recovered under confiscation order 11. Interest on sums unpaid under confiscation order 12. Definition of principal terms used 13. Protection of rights of third party PART III ENFORCEMENT, ETC., OF CONFISCATION ORDERS 14. Application of procedure for enforcing fines 1 Informal Consolidation – version in force from 2/1/2021 Corruption, Drug Trafficking and Other Serious Crimes 2000 Ed. (Confiscation of Benefits) CAP. 65A 2 Section 15. Cases in which restraint orders and charging orders may be made 16. Restraint orders 17. Charging orders in respect of land, capital markets products, etc.
  • Consultation Paper on Regulating Merchant Banks Under the Banking

    Consultation Paper on Regulating Merchant Banks Under the Banking

    thank CONSULTATION PAPER P009 - 2019 May 2019 Regulating Merchant Banks under the Banking Act Monetary Authority Of Singapore 1 REGULATING MERCHANT BANKS UNDER THE BANKING ACT 21 MAY 2019 Contents 1 Preface ........................................................................................................... 3 2 Consolidating Regulation of Merchant Banks under the BA ......................... 5 3 Licensing Merchant Banks under the BA ....................................................... 6 4 Annex A: List of Questions ............................................................................. 7 5 Annex B: Relevant Sections in the BA for Merchant Banks ........................... 8 6 Annex C: Proposed Amendments to the BA ................................................ 10 Monetary Authority of Singapore 2 REGULATING MERCHANT BANKS UNDER THE BANKING ACT 21 MAY 2019 1 Preface 1.1 In June 2015, MAS announced that it will remove the divide between the Domestic Banking Unit (DBU) and the Asian Currency Unit (ACU). Banks and merchant banks (MBs) will no longer need to maintain two separate accounting units with effect from 1 October 2020.1 1.2 MAS subsequently conducted a closed consultation with MBs in February 2019, on the proposed consequential amendments to MBs’ regulatory requirements following the removal of the DBU-ACU divide. MAS thanks all respondents for their comments. We are considering the feedback received and will incorporate them into the relevant provisions, where appropriate. 1.3 In addition, MAS proposes to consolidate the regulation of MBs under the Banking Act (BA) upon removal of the DBU-ACU divide. MAS also proposes to move MBs to a licensing regime from the current approval framework under the Monetary Authority of Singapore Act (MAS Act). The draft legislative amendments to effect these proposals are set out in this consultation paper. 1.4 MAS invites interested parties to provide their views and comments on the proposed amendments in this paper.
  • Insolvency, Restructuring and Dissolution Bill

    Insolvency, Restructuring and Dissolution Bill

    Insolvency, Restructuring and Dissolution Bill Bill No. 32/2018. Read the first time on 10 September 2018. INSOLVENCY, RESTRUCTURING AND DISSOLUTION ACT 2018 (No. of 2018) ARRANGEMENT OF SECTIONS PART 1 PRELIMINARY Section 1. Short title and commencement 2. General interpretation PART 2 JURISDICTION, POWERS AND PROCEDURE OF COURT Division 1 — Jurisdiction 3. High Court to be court that has jurisdiction in corporate and individual insolvency, etc. 4. Exercise of jurisdiction in chambers 5. Jurisdiction of Registrar under this Act 6. General powers of Court under this Act 7. Power to review orders 8. Appeals under this Act 9. Criminal jurisdiction of District and Magistrate’s Courts Division 2 — Procedure 10. Where no specific procedure provided 11. Power to adjourn proceedings 12. Power to amend written process, etc. 2 Section 13. Power to extend time 14. Manner of taking evidence 15. Costs to be in Court’s discretion PART 3 OFFICIAL ASSIGNEE, OFFICIAL RECEIVER AND INSOLVENCY PRACTITIONERS Division 1 — Official Assignee and Official Receiver 16. Appointment of Official Assignee 17. Appointment of Official Receiver 18. Removal of Official Assignee or Official Receiver 19. Official names of Official Assignee and Official Receiver 20. Delegation of powers and functions by Official Assignee and Official Receiver 21. Official Assignee and Official Receiver deemed to be public servants 22. General duties of Official Assignee as regards bankrupt’s conduct and affairs 23. General duties of Official Assignee as regards estate of bankrupt 24. Discretion of Official Assignee in administration of estate of bankrupt 25. Power to administer oaths 26. Official Assignee’s accounts 27.
  • Taka Jewellery

    Taka Jewellery

    TLV HOLDINGS LIMITED (Company Registration No.: 201526542C) (Incorporated in the Republic of Singapore on 22 June 2015) TLV HOLDINGS LIMITED TLV TLV HOLDINGS LIMITED TLV CORPORATE PROFILE TLV HOLDINGS LIMITED (Company Registration No.: 201526542C) Spearheaded by our Managing Director, (Incorporated in the Republic of Singapore on 22 June 2015) Placement of 76,459,000 Placement Shares comprising 70,777,000 New Shares and Mr Michael Teo and our Executive Director, 5,682,000 Vendor Shares at S$0.22 for each Placement Share, payable in full on application Mr Ang Kah Leong, our Group has grown from 3 Kaki Bukit Place primarily selling jewellery on a wholesale basis, to Eunos Techpark an established jeweller that sells jewellery in both Singapore 416181 OFFER DOCUMENT DATED 8 SEPTEMBER 2015 market in the shares or units of shares traded on Catalist. You should be aware of the risks of investing in such companies and should make the local and international markets on a wholesale (Registered by the Singapore Exchange Securities Trading Limited the decision to invest only after careful consideration and, if appropriate, and retail basis. (the “SGX-ST”) acting as agent on behalf of the Monetary Authority of consultation with your professional adviser(s). Singapore (the “Authority”) on 8 September 2015.) Neither the Authority nor the SGX-ST has examined or approved the In Singapore, our Group has a retail network of This offer is made in or accompanied by an Offer Document (the “Offer contents of this Offer Document. Neither the Authority nor the SGX-ST 19 outlets strategically located at various Document”) that has been registered by the SGX-ST, acting as agent on assumes any responsibility for the contents of this Offer Document, heartland districts, central and suburban malls.