Halister News

(Bloomberg) -- Singapore should address “moderate gaps” that exist in its measures to fight money laundering, according to Financial Action Task Force report published Tuesday.

• Inherent risks faced by Singapore as a global financial center and system vulnerabilities not “sufficiently reflected” in government’s risk assessment
• NOTE: Report based on evaluation of Singapore’s measures to combat money laundering, financing of terrorism during a visit by FATF examiners on Nov. 17-Dec. 3
• Nation’s coordination in fighting money laundering and terror financing flows is “highly sophisticated and inclusive of all relevant authorities”
• “Foreign predicate offences” constituted 66% of all money- laundering investigations, 27% of convictions, FATF says, citing Singapore data between 2008 and 2014
• FATF recommended improvements including: the comprehensive risk assessment of all types of legal persons to identify money laundering, terrorism financing risks; develop policy to address those risks
• NOTE: FATF’s review on Singapore took place before Monetary Authority of Singapore announced closure of BSI in cases related to 1MDB in May; MAS rebuked 4 banks for lapses in anti-money laundering controls in July
• NOTE: FATF is inter-governmental body established in 1989 to set standards for measures to fight money laundering, terrorist financing, other threats to international financial system
• Singapore will take further steps to strengthen regime to combat illicit flows, govt and MAS say in separate statement