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International co-operation

Description for International co-operation

Content Overview

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

Singapore is a member of several international Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) organisations. Membership in these organisations underscores Singapore's commitment to the fight against Money Laundering and Terrorism Financing.
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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.

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Asia Pacific Group on Money Laundering (APG)

Singapore is a founding member of the Asia/Pacific Group on Money Laundering (APG). The APG is a FATF-style regional grouping for the Asia/Pacific region formed in 1997 to prevent and detect money laundering in the region. Singapore strongly supports the objectives and activities of the APG.
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Egmont Group of FIUs

The STRO was admitted into the Egmont Group of Financial Intelligence Units (FIU) in June 2002. The Egmont Group of FIUs was established in June 1995 to provide an avenue for the timely sharing of information and provision of assistance between different jurisdictions. A FIU is the central, national agency responsible for receiving, analysing and disseminating financial intelligence to competent authorities. We have provided assistance to FIUs from various countries in the Egmont Group over the years.
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