16 Feb '12, 11am

Singapore's Ministry of Finance said it is "fully committed" to complying with the new FATF recommendations

SINGAPORE: Singapore said it will tighten safeguards against money laundering and terrorist financing, in line with recommendations by the Paris-based agency, the Financial Action Task Force (FATF). The recommendations include expanding the scope of money laundering predicate offences by including tax crimes. They also include insisting on stronger requirements when dealing with politically-connected individuals and improving transparency to make it harder for criminals and terrorists to conceal their identities. FATF is an inter-governmental body which sets international standards for mechanisms to prevent corrupt financial practices. Its standards are applied by more than 180 countries. "The revised recommendations include requirements for stronger safeguards in the financial sector, strengthened law enforcement tools and improved international cooperation," Giancarlo De...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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