Singapore

Details

  • Industry: Financial Services
  • Type: Business and industry issue, Publication series
  • Date: 4/16/2013

Financial Services Briefings (Issue 9, Apr 2013) 

The Financial Action Task Force (FATF) released the revised Anti-Money Laundering and Countering the Financing of Terrorism (CFT) recommendations in February 2012.

In response to the recommendations, Singapore has designated serious tax offences under the relevant sections of the Singapore Income Tax Act and Goods and Services Tax Act as a money laundering predicate offence.
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Tax evasion is now a crime that gives rise to a charge of money laundering. While the move to criminalise tax evasion will enhance Singapore’s role in combating money laundering and terrorist financing, financial institutions may face real challenges when it comes to practical implementation.