Is Singapore FATF compliant country?
Singapore is now compliant on 20 of the 40 Recommendations and largely compliant on 17 of them. It remains partially compliant on 3 of the 40 Recommendations. Singapore will continue to report back to FATF on its progress.
What is FATF mutual evaluation?
FATF mutual evaluations are in-depth country reports analysing the implementation and effectiveness of measures to combat money laundering and terrorist financing. Mutual evaluations are peer reviews, where members from different countries assess another country.
Is Hong Kong an equivalent jurisdiction?
Credit ratings issued by credit rating agencies regulated in Hong Kong are serviceable in the European Union (EU) because Hong Kong is recognized for these purposes as an equivalent jurisdiction.
What is Mer in FATF?
The completion of an assessment and the publication of the mutual evaluation report (MER) is a starting point for the country to continue strengthening its measures to tackle money laundering and terrorist financing. The country subsequently reports back to the FATF on a regular basis on the progress it has made.
What happens if a country is blacklisted by FATF?
A blacklisted country may be subject to economic sanctions by a member of FATF. As an example, Korea and Iran are the countries on the FATF Blacklist. Therefore, we can see sanctions against Korea and Iran.
How does FATF achieve its objectives?
3. In order to fulfil its objectives, the FATF carries out the following tasks: b) Developing and refining the international standards for combating money laundering and the financing of terrorism and proliferation (the FATF Recommendations);
Which country has the most money laundering?
The money laundering/terrorist financing risk is understood as a country’s vulnerability to those crimes and its capacities to counter it….The Basel AML Index.
Why is FATF important?
The Financial Action Task Force (FATF) is an inter-governmental policymaking body whose purpose is to establish international standards, and to develop and promote policies, both at national and international levels, to combat money laundering and the financing of terrorism.
What is the purpose of FATF?
The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
How are mutual evaluations conducted in the FATF?
Topic: Mutual Evaluations The FATF conducts peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF Recommendations, providing an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system.
Is the AML / CFT system in Singapore effective?
It analyses the levelof compliance with the FATF 40 Recommendations and the level of effectiveness of Singapore’s AML/CFT system, and provides recommendations on how the system could be strengthened. Key Findings Singapore’s AML/CFT coordination is highly sophisticated and inclusive of all relevant competent authorities.
When did FATF adopt anti money laundering measures?
This assessment was adopted by the FATF at its June 2016 Plenary meeting. 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
Which is a valuable tool in AML / CFT policy development?
Driven by the AML/CFT Steering Committee and the Inter -Agency Committee, the coordination mechanism in Singapore is a very valuable tool in AM L/CFT policy development. This proved to be true in the development of the National Risk Assessment (NRA) and the cooperation and organisation associated with this mutual evaluation exercise.