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 is recognized for its robust anti-corruption framework, ranking fifth globally in Transparency International’s 2023 Corruption Perception Index, which reassures foreign investors. Despite challenges such as human trafficking and drug trafficking, the government maintains a strong stance against crime, employing innovative law enforcement methods and prioritizing international cooperation. The country also faces issues with counterfeit goods and cyber crimes, but its transparent economic environment and effective judicial system contribute to its resilience against organized crime.

Singapore has an open and heavily trade-dependent economy that is a critical player in the global supply chain, characterized by a robust free market and transparent investment policies. The country attracts significant foreign investment in various sectors, particularly manufacturing and services, and is recognized for its strong legal framework, infrastructure, and low levels of corruption. With a diversified economy and a positive investment outlook, Singapore continues to position itself as a hub for innovation and technology, while actively promoting sustainable development.

Singapore boasts a highly attractive investment climate characterized by its open and trade-dependent economy, robust legal framework, and strong protections for intellectual property. The country actively promotes foreign investment through incentives and a transparent regulatory environment, while U.S. companies particularly appreciate its business-friendly laws and well-developed infrastructure. Additionally, Singapore's strategic location in Southeast Asia and its reputation as a hub for multinational corporations further enhance its appeal for future investments.