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 as one of the least corrupt countries globally, ranking fifth in Transparency International's 2023 Corruption Perception Index. The country enforces stringent anti-corruption laws, including the Prevention of Corruption Act and the Penal Code, which effectively prohibit bribery and related offenses in both public and private sectors. The Corrupt Practices Investigation Bureau (CPIB) is the primary agency responsible for investigating corruption, and recent corporate fraud cases have been dealt with swiftly by the government, reinforcing the low risk of corruption for foreign investors.

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 substantial 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 poised to continue attracting foreign investment in emerging sectors such as digital technology and pharmaceuticals.

Singapore boasts a highly favorable investment climate characterized by open investment policies, transparency, and a robust legal framework that protects intellectual property rights. The country actively promotes itself as a hub for research and development, offering various incentives to attract foreign investment, particularly in sectors like manufacturing and digital innovation. Additionally, Singapore's strategic location and strong infrastructure further enhance its appeal to multinational companies looking to establish a presence in Southeast Asia.