FATF status

Singapore is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last Follow-up to the Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Singapore was undertaken in 2019. According to that Evaluation, Singapore was deemed Compliant for 20 and Largely Compliant for 17 of the FATF 40 Recommendations. It was also deemed Highly Effective for 0 and Substantially Effective for 4 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Singapore is recognized for its strong enforcement of anti-corruption laws, ranking fifth globally in Transparency International’s 2023 Corruption Perception Index, making it the highest-ranking Asian country. The Corrupt Practices Investigation Bureau (CPIB) is the sole agency authorized to investigate corruption, with laws that apply to both domestic and international offenses, including those involving family members of officials. Corruption is not seen as a barrier to foreign direct investment (FDI), and recent corporate fraud cases have been dealt with swiftly by the government, reinforcing Singapore's reputation as one of the least corrupt countries in the world.

Singapore has a heavily trade-dependent and open economy that is a critical player in the global supply chain, attracting significant foreign investment in sectors such as manufacturing and services. The country is recognized for its transparency, business-friendly regulations, and strong intellectual property protections, making it an attractive destination for U.S. companies. With a diversified economy and a positive investment outlook, Singapore is positioning itself as a hub for digital innovation and sustainable development.

Singapore boasts a highly attractive investment climate characterized by its open, trade-dependent economy and strong legal framework that supports foreign direct investment. The country is recognized for its transparency, robust infrastructure, and effective intellectual property protection, making it a favored destination for U.S. companies, which invested $309 billion in 2022. Furthermore, Singapore's proactive government policies, including tax incentives and a focus on innovation, position it as a leading hub for future investments in sectors like digital innovation and sustainable development.