SINGAPORE - Singapore has launched a comprehensive assessment of money laundering and terrorist financing (TF) risks in the country, the Ministry of Home Affairs said Monday.
The National Risk Assessment (NRA) is an ML/TF risk audit of not only the financial sector but also designated non-financial businesses and professions in Singapore.
The NRA will culminate in a report that includes an analysis of ML/TF threats and proposals to address the risks identified.
Under the recently revised standards of the Financial Action Task Force (FATF), a country is expected to identify and assess its ML and TF risks, and to keep this assessment up-to-date.
A joint steering committee - led by the Ministry of Home Affairs, the Ministry of Finance, and the Monetary Authority of Singapore - has been coordinating the efforts of government agencies involved in the NRA. As part of the assessment, the various agencies are engaging relevant stakeholders to identify the risks ehich may arise in their respective sectors and to explore ways to mitigate them.
A spokesperson said in a statement that Singapore has over the years, put in place appropriate anti-money laundering and counter terrorist financing measures. "The NRA will build on Singapore's ongoing efforts to ensure that our financial sector and economy stay sound and clean," the ministry said.
Results of the assessment will be published by the end of 2013.
