Combating Terrorism Funding and Money Laundering In Singapore
The Ministry of Finance and Monetary Authority has been working around the clock. They have been working in conjunction with the Ministry of Home Affairs to come up with and maintain a money laundering and terrorism financing free zone. The 2012 enhancement of FATF standards saw Singapore focus on the regulations and establish an adamant framework. In addition to that, they have been working to Counter Financing of Terrorism (CFT) and curb illegal money laundering, (Anti-Money Laundering-AML). A recent assessment of the Singaporean economy based on these standards indicated that Singapore is safe with one of the best AML/CFT frameworks.