Anti-Money Laundering and Countering the Financing of Terrorism

Requirements and Guidelines for Professional Accountants in Singapore

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.

Related Resources

Useful ResourcesIssued byIssue Date 
A Summary of Requirements and Guidelines for Professional Accountants in SingaporeISCANov 2014Download

FATF Report on Detecting Terrorist Financing: Relevant Risk Indicators1


Click here to access


Guidance on Submission of STRs related to Panama Papers1

  Click here to access

FATF Guidance on Counter Proliferation Financing

FATF Click here to access

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Cap. 65A

  Click here to access

Terrorism (Suppression of Financing) Act, Cap. 325

  Click here to access

Penal Code, Cap. 224

  Click here to access

1As only ISCA Members can access these documents, you are required to input your Member Services Portal login credentials to gain access.