SINGAPORE: To enhance controls against funding proliferation, or financing bill intended to circumvent sanctions and proliferate weapons of mass destruction, Singapore passed revisions to its current laws on Tuesday, February 6.
The proposed amendments to the Prevention of Proliferation Financing and Other Matters Bill will enable Singapore to comply with the most recent standards established by the Financial Action Task Force (FATF), an international organization that monitors money laundering and the funding of terrorism. Having joined the FATF in 1992, Singapore is presently leading the task force as its president.
In violation of national laws and international obligations, proliferation financing is defined by the FATF as the act of providing funds or financial services for the manufacture, acquisition, possession, development, export, transshipment, brokering, transport, transfer, stockpiling, or use of nuclear, chemical, or biological weapons and their delivery systems, as well as related materials.
Countries and the private sector must evaluate and reduce proliferation finance risks associated with “potential breaches, non-implementation, or evasion” of targeted financial restrictions under the new guidelines that the FATF laid out in 2020.