The Financial Action Task Force and the Asia Pacific Group on Money Laundering have published a mutual evaluation of Singapore’s anti-money laundering, counter-terrorist financing and counter-proliferation financing regime. The review found Singapore has a competent and well-coordinated framework, with particular strengths in domestic co-ordination, international co-operation, financial sector supervision, financial intelligence and asset recovery, but said the system needs to produce more demonstrable and consistent risk-based outcomes. Based on its effectiveness and technical compliance ratings, Singapore has been placed in regular follow-up. Key weaknesses identified include limited mechanisms to verify the accuracy of beneficial ownership information in ACRA’s central registry, with gaps also covering Variable Capital Companies and Unregistered Foreign Companies. The report said the Monetary Authority of Singapore has strong outreach and licensing controls for financial institutions and virtual asset service providers, but enforcement action remains relatively low. Law enforcement opened more than 11,000 money laundering investigations over five years, with over 80% triggered by cyber-enabled fraud victim complaints, while significantly fewer cases targeted other higher-risk areas such as tax crimes, corruption and trade-based money laundering. Singapore achieved an 82% conviction rate once cases reached prosecution, and seized about SGD 6.3 billion and confiscated SGD 3.9 billion between 2020 and 2024. On terrorist financing, authorities opened 126 investigations and prosecuted six cases, but the assessment pointed to an absence of counter-terrorist financing activity involving funds transiting through banks or digital payment token service providers. On proliferation financing, the report highlighted Singapore’s high exposure as a trade, maritime and virtual asset hub, but said mitigation measures remain too general and supervisory coverage of targeted financial sanctions obligations is uneven, including for representative offices of foreign flag States. Singapore received a three-year roadmap of key recommended actions, including improving transparency for complex structures and Unregistered Foreign Companies, strengthening verification of beneficial ownership information, prioritising complex high-value money laundering investigations, streamlining communication of terrorist financing sanctions listings, and introducing more context-specific proliferation financing risk mitigation measures. Singapore will report back to the Financial Action Task Force and the Asia Pacific Group on its progress.
Financial Action Task Force 2026-05-06
Financial Action Task Force places Singapore in regular follow-up after mutual evaluation finds gaps in beneficial ownership controls and risk-based enforcement
The Financial Action Task Force and the Asia Pacific Group on Money Laundering issued a mutual evaluation finding Singapore’s AML/CFT/CPF regime broadly strong and well-coordinated but needing more consistent risk-based outcomes, placing it in regular follow-up. Key weaknesses include limited verification of beneficial ownership data in ACRA’s registry, relatively low MAS enforcement, under-prioritisation of complex high-risk money laundering, and generalised proliferation financing controls despite Singapore’s high exposure as a trade, maritime and virtual asset hub.