Ethics (EP 200)

Expectations of professional accountants to combat money laundering and terrorist financing are rising. Internationally, there are increasing calls for professional accountants to adopt measures that are at least up to the international standards recommended by the Financial Action Task Force (FATF). Singapore is a member of the FATF, an inter-governmental body established to set standards and to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and the financing of proliferation, and other related threats to the integrity of the international financial system. As a member of the FATF, Singapore is obliged to comply with the "International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation" issued by the FATF (FATF Recommendations) and is subject to FATF mutual evaluations on the adoption of FATF Recommendations. The FATF Recommendations include requirements for accountants.