Financial institutions in Singapore have been advised by the country’s regulator that they should continue to refer to the Financial Action Task Force (FATF) statement of February 2020 in respect of the Democratic People’s Republic of Korea (DPRK) and Iran as well as the latest FATF statement on Myanmar.

The Monetary Authority of Singapore (MAS) concedes that the FATF statements may not reflect the most recent status of the DPRK’s and Iran’s anti-money laundering and countering the financing of terrorism (AML/CFT) regimes, but confirms that the task force has continued to pause the review process for the two blacklisted countries. The FATF’s call for action against both countries therefore remains in effect.

You need to be logged in to view this article.

If you are an existing subscriber please enter your credentials to log in.

To become a member of The Association of Trade Finance Compliance Professionals (ATFCP) click here!