03 September, 2007
The APG, jointly with the Financial Action Task Force, will conduct an on-site visit of Singapore to evaluate their anti-money laundering and countering the financing of terrorism framework and systems.
The assessment of a country’s AML/CFT system and its compliance with AML/CFT standards is conducted by experts experienced in the legal, financial sector and law enforcement areas of AML/CFT systems. These evaluations are based on the FATF's Forty Recommendations 2003 and the Nine Special Recommendations 2001 and use the Anti-Money Laundering/Combating Terrorist Financing (AML/CFT) Methodology 2004.
Singapore is both a FATF and APG member and hence the evaluation is conducted jointly with FATF experts and Secretariat staff. The evaluation consists of two major components: first, the on-site visit involving meetings with key governmental and private sector agencies (including banks, other financial institutions, the real estate, legal and accountancy professions); and second, the examination of the report of the visit by the full FATF and APG plenaries. Upon completion of the evaluation the report will be published on the FATF and the APG websites.