Singapore is a member of the Financial Action Task Force ("FATF"). The FATF is an independent inter-governmental body which establishes international standards (known as “FATF recommendations”) that develop and promote policies to prevent ML and TF, and proliferation of weapons of mass destruction. FATF defines a non-profit organisation ("NPO") as “a legal person or arrangement or organisation that primarily engages in raising or disbursing funds for purposes such as charitable, religious, cultural, education, social or fraternal purposes, or for the carrying out of other types of ‘good works’”, and requires member countries to ensure that they are not abused by terrorist organisations.
Therefore, this guide is prepared for directors and other officers of companies limited by guarantee ("CLG"), which are also NPOs. CLG-NPOs may be at risk of being abused for money laundering or terrorism financing or other forms of terrorist support by virtue of charitable characteristics or activities. This guide provides more information about these risks, and provides examples of good practices that CLG-NPOs may adopt to help them to identify and manage its exposure to such risks.
The guidelines are available here (PDF, 458KB).