Policy on Anti-Money Laundering and Countering the Financing of Terrorism

Singapore adopts a whole-of-government approach to combating money laundering (ML) and terrorism financing (TF).

The effort is led by the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Steering Committee, comprising the Permanent Secretary of the Ministry of Home Affairs, Second Permanent Secretary of the Ministry of Finance and Managing Director of the Monetary Authority of Singapore.


Singapore's AML/CFT Policy Objectives are to:


The AML/CFT Efforts are Centred on:


To Achieve the Policy Objectives, Singapore Follows these Principles:


Terrorism Financing National Risk Assessment 2020

In 2020, Singapore conducted a Terrorism Financing (TF) National Risk Assessment (NRA). The TF NRA was the culmination of experience and observations from all relevant competent authorities over the past few years, and included inputs from the private sector and academia. It sought to deepen the understanding by law enforcement agencies, supervisors/regulators and the private sector of Singapore’s key TF threats and vulnerabilities, so that appropriate prevention and mitigation measures may be taken.

The TF NRA has found that:

Competent authorities in Singapore are cognisant of our TF threats and take a whole-of-government approach to combatting them. Our law enforcement agencies have robust capabilities to counter TF, as evidenced by the TF convictions in recent years. Supervisors and relevant authorities have been engaging relevant private sector entities on their TF risks, and this has improved their risk awareness and understanding, and allowed them to strengthen their measures to mitigate TF risks. Private sector entities should continue to incorporate the TF NRA findings in their risk-based approach to countering TF.


National Strategy for Countering the Financing of Terrorism (CFT)

Taking into account the findings of the Terrorism Financing (TF) NRA 2020, Singapore formulated our National Strategy for Countering the Financing of Terrorism (CFT). The National CFT Strategy forms the blueprint that outlines Singapore’s national approach to address our TF risks and serves as the roadmap to guide the development of future action plans to effectively prevent, detect, investigate, and enforce against TF. It also enhances the coordination of actions across law enforcement agencies, policy makers, regulators and supervisors, and as appropriate, the private sector, in Singapore. 

Singapore has adopted a five-point strategy which comprises:

1.   Coordinated and Comprehensive Risk Identification;
2.   Strong Legal and Sanctions Frameworks;
3.   Robust Regulatory Regime and Risk Targeted Supervisory Framework;
4.   Decisive Law Enforcement Actions; and
5.   International Partnerships and Cooperation.

As necessary, the relevant law enforcement, policy and supervisory agencies have adopted action plans as guided by the National CFT Strategy.