NATIONAL RISK ASSESSMENT

On 10 January 2014, Singapore issued its inaugural national money laundering and terrorism financing risk assessment (NRA) report. The NRA is conducted under the ambit of the Steering Committee for combating money laundering/terrorism financing, which comprises the Permanent Secretary of the Ministry of Home Affairs, Permanent Secretary of the Ministry of Finance and Managing Director of the Monetary Authority of Singapore.

The NRA report is the culmination of a two year government-wide exercise and covers 14 financial sub-sectors and 8 non-financial sectors in Singapore. The assessment takes into account Singapore’s economic and geographical environment; its legal, judicial and institutional framework; as well as crime trends. Emerging risks have also been identified for further study.

The key aim of the NRA is to help authorities maintain an effective risk-based regime to combat money laundering and terrorism financing, as well as to prioritise and allocate public sector resources efficiently. The NRA is also meant to help private sector stakeholders to better understand the money laundering and terrorism financing risks in their own and related industries, assess the adequacy of their controls, and strengthen them where necessary. The public will also benefit from greater awareness of the money laundering and terrorism financing risks in Singapore and the measures in place to mitigate them.

Click here for a copy of the National Risk Assessment Report and here for a summary of the key points.

National Risk Assessment

NATIONAL RISK ASSESSMENT

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