Enhanced rules for accountants to combat money-laundering and terrorism-financing

A new set of guidelines on the conduct of professional accountants in Singapore has been issued to counter money-laundering and the financing of terrorism.

The new Ethics Pronouncement 200, effective from November, states that professional accountants here, including public accountants, will need to abide by enhanced mandatory requirements on implementing controls and procedures against attempts in those two areas.

Issued by the Institute of Singapore Chartered Accountants (Isca), the pronouncement is also being adopted by the Accounting and Corporate Regulatory Authority (Acra) and will be applicable to public accountants and accounting entities registered under the Accountants Act and thus regulated by Acra.

Non-compliance with the requirements under the pronouncement may result in an investigation into the public accountant's or professional accountant's conduct by Acra or Isca, respectively.

These enhanced requirements have been benchmarked to international best practices and the latest Financial Action Task Force Recommendations.