Under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) 1992, the Suspicious Transaction Reporting Office (STRO) is authorised to share information with a foreign Financial Intelligence Unit (FIU).
Membership in international anti-money laundering and counter-financing of terrorism organisations
Financial Action Task Force (FATF)
Singapore has been a member of the FATF since September 1991. The FATF (based in Paris) was set up to examine the problem and trends of money laundering activities. The FATF has issued a set of 40 recommendations, currently used internationally to measure the effectiveness of a country's AML regime.
In June 2003, the FATF revised the 40 recommendations and extended AML measures to designated non-financial businesses and professions such as casinos, real estate agents, dealers of precious metals/stones, accountants and lawyers.
In October 2001, the FATF issued its Eight Special Recommendations (SR) i.e. SR I to SR VIII on terrorism financing. These are aimed at denying terrorists, and their supporters, access to the international financial system. In October 2004, the FATF issued a new SR i.e. SR IX on the use of cash couriers in terrorism financing activities. As a member of the FATF, Singapore must comply with both sets of recommendations.
Asia Pacific Group on Money Laundering (APG)
Egmont Group of FIUs