Accountants set to come under new anti-money laundering, terrorism financing rules

Singapore

PROFESSIONAL accountants will soon have a new set of obligations to meet, in terms of the controls and procedures they will have to put in place to counter money-laundering (ML) and terrorism-financing (TF) efforts.

These enhanced mandatory requirements come in the form of the new Ethics Pronouncement 200, which will become effective in November - an effort in line with Singapore's endeavours to beef up its defences on this front.