The Financial Action Task Force (FATF) and Asia/Pacific Group on Money Laundering (APG) have released their report for Singapore, assessing how well the country’s institutions detect, investigate, and prosecute financial crime. While the report found strong performance across most areas, it also flagged weaknesses in how enforcement targets the organizers and facilitators behind the money laundering tied to Singapore’s fast-growing cyber-enabled fraud problem.
The “Mutual Evaluation of Singapore” published in May acknowledged the country’s “substantial effectiveness” in most sectors, including risks, resources and coordination, international cooperation, and asset recovery. However, money laundering investigations and prosecutions, transparency and beneficial ownership, terrorist financing, and proliferation financing were all evaluated as “moderate effectiveness.”
