Singapore Country Summary
Sanctions
Low Concern
FATF AML Deficient List
Low Concern
Terrorism
Medium Concern
Corruption
Low Concern
US State ML Assessment
Medium Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Low Concern
Offshore Finance Center
High Concern
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
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.
Sanctions
There are no international sanctions currently in force against this country
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 84 |
| World Bank: Control of Corruption Percentile Rank | 98 |
Singapore is recognized for its stringent anti-corruption laws, ranking fifth globally in Transparency International’s 2023 Corruption Perception Index, which reassures foreign investors. While human trafficking and cyber crimes remain significant issues, the government actively combats these challenges through effective law enforcement and public awareness campaigns. Additionally, Singapore's stable governance and commitment to international cooperation enhance its resilience against organized crime and financial fraud.
Economy
Singapore has an open, trade-dependent economy that is a critical player in the global supply chain, characterized by a robust free market and transparent investment policies. The country attracts significant foreign investment, particularly in manufacturing and services, and is recognized for its strong legal framework, anti-corruption measures, and well-developed infrastructure. With a diversified economy and a focus on innovation and sustainability, Singapore is positioning itself as a regional hub for digital technologies and green initiatives.
Singapore boasts a highly attractive investment climate characterized by its open and trade-dependent economy, robust legal framework, and strong protections for intellectual property. The country actively promotes foreign investment through various incentives, including tax benefits and grants, while maintaining a reputation for transparency and low corruption. Additionally, recent initiatives, such as the introduction of an investment screening mechanism, aim to safeguard national security without significantly hindering foreign investment.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings