Singapore Country Summary

FATF Status

Singapore is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last Follow-up to the Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Singapore was undertaken in 2019. According to that Evaluation, Singapore was deemed Compliant for 20 and Largely Compliant for 17 of the FATF 40 Recommendations. It was also deemed Highly Effective for 0 and Substantially Effective for 4 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Singapore maintains a robust framework to combat crime and corruption, characterized by stringent anti-corruption laws and effective enforcement by the Corrupt Practices Investigation Bureau (CPIB). While the country is generally perceived as one of the least corrupt globally, challenges persist in areas such as human trafficking, drug trafficking, and cyber crimes, with criminal networks operating in various illicit markets, although the government remains committed to enhancing resilience through strong governance and innovative law enforcement strategies.

Singapore's economy is characterized by its openness and heavy reliance on trade, positioning it as a pivotal player in the global supply chain. The investment climate is bolstered by transparent regulations, a favorable tax structure, and strong protections for intellectual property, making it an attractive destination for foreign investment, particularly from the U.S. The government actively promotes sectors such as digital innovation and sustainable development while maintaining a robust legal framework that supports business operations, although recent measures have introduced investment screening for entities deemed critical to national security.