Since joining the Financial Action Task Force (FATF) – an inter-governmental organization tasked established with the objectives of countering money laundering, the financing of terrorism and other threats to the security of international finance – in 1992, Singapore has made significant strides in developing its anti-money laundering and countering terrorism financing (respectively referred to as “AML” and “CFT”) frameworks. 

Rated as having a “strong” framework in this respect, the Monetary Authority of Singapore (MAS) has now taken the further step of publicly announcing that it, together with the Singapore Police Force’s Commercial Affairs Department – will set-up of the Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP). 

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