Commercial Affairs Department

International Cooperation

Under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA), the Suspicious Transaction Reporting Office (STRO) is authorised to share information with a foreign Financial Intelligence Unit (FIU). The FIU and the STRO must have a Memorandum of Understanding (MOU) or a Letter of Undertaking (LOU) to share information on the basis of reciprocity and confidentiality. Any information shared is intended for intelligence or investigation purposes only and cannot be used as evidence in court.

 

To date, the STRO has signed MOUs/LOUs with more than 40 foreign countries/regions and is actively involved in negotiations with other countries or regions to enter into MOU/LOU.

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.

Financial Action Task Force (FATF)

The FATF (based in Paris) was set up in 1989 to examine the problem and trends of money laundering activities. Singapore has been a member of the FATF since September 1991. 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 to better combat money laundering and the financing of terrorism. One significant change is the extension of AML measures to designated non-financial businesses and professions such as casinos, real estate agents, dealers of precious metals/stones, accountants and lawyers.

After the terrorist attacks of 11 September 2001 in the United States of America, the FATF expanded its mission to include the development and promotion of policies to combat terrorism financing. 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.

Financial Action Task Force

Asia Pacific Group on Money Laundering (APG)

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

In June 2005, Singapore hosted the inaugural region-focused plenary meeting of the FATF.  This is the first time the meeting featured a joint session between FATF and the APG. The hosting of the plenary meeting by Singapore offered an opportunity for the APG to showcase the contributions of the APG member countries, in the global fight against money laundering and terrorism financing.

Egmont Group of FIUs

The Egmont Group of Financial Intelligence Units (FIU) 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

The STRO, as Singapore's FIU, was admitted into the Egmont Group in June 2002. We have provided assistance to FIUs from various countries in the Egmont group over the years.

Last Updated on 09 April 2019