FATF Mutual Evaluation Report praises Singapore’s strong AML/CFT regime but warns of growing risks from foreign illicit finance, cyber fraud and proliferation financing

The report highlights strong performance in international cooperation, use of financial intelligence, supervision of financial institutions, and asset recovery, supported by coordinated public-private engagement and responsive policy reform. FATF also identifies gaps relating to beneficial ownership verification, implementation of targeted financial sanctions, and the deterrent effect of penalties imposed in significant money laundering cases, prompting recommendations for further strengthening of the regime…