Singapore Retains Top FATF Rating Despite Major Money Laundering Scandal

Singapore has retained the Financial Action Task Force’s highest monitoring rating despite the SGD3bn (USD2.2bn) money laundering scandal uncovered in 2023.

The Singapore FATF rating review covered the period from 2020 to July 2025 and placed the city-state on regular follow-up, the watchdog’s most favourable category.

FATF said Singapore achieved seven substantially effective ratings across 11 measures and was compliant or largely compliant on 38 of 40 technical recommendations.

However, regulators highlighted weaknesses in beneficial ownership transparency involving foreign companies and overseas trusts.