On 13 June 2026, the Monetary Authority of Singapore (MAS) drew attention to the June 2026 Financial Action Task Force (FATF) Statement. The statement addresses high-risk and monitored jurisdictions for anti-money laundering purposes. The Democratic People's Republic of Korea (DPRK) and Iran remain on the FATF call-for-action list. Both jurisdictions stay subject to the FATF's call for countermeasures. Myanmar continues to require enhanced due diligence proportionate to risk. Financial institutions (FIs) in Singapore must address money laundering, terrorist financing and proliferation financing risks. The guidance is directed at FIs dealing with persons from these jurisdictions. MAS reminds FIs to apply relevant risk mitigation and enhanced due diligence measures. Non-FIs subject to AML/CFT obligations in Singapore should also note the statement. The update reinforces Singapore's alignment with global FATF standards across the crypto and wider financial sector.
DPRK: continued call for countermeasures
The FATF maintains its concern over the DPRK's failure to address deficiencies in its AML/CFT regime, alongside the threats posed by its proliferation of weapons of mass destruction (WMDs) and related financing. The FATF noted that the DPRK has increased connectivity with the international financial system, which raises proliferation financing risks.
MAS sets out the expected response: "All FIs are to give special attention to business relationships and transactions with the DPRK, including DPRK companies, financial institutions, and those acting on their behalf, whether directly or indirectly."
FIs should treat the DPRK as a high-risk jurisdiction and apply enhanced due diligence accordingly. FIs must continue to comply with the Financial Services and Markets (Sanctions and Freezing of Assets of Persons – Democratic People's Republic of Korea) Regulation 2023, taking account of relevant MAS guidance.
Iran: countermeasures and the snapback of UN sanctions
Iran's action plan expired in January 2018, and in February 2020 the FATF called on all jurisdictions to apply effective countermeasures in line with FATF Recommendation 19. The FATF assesses that Iran's reservations to the Palermo and Terrorist Financing Conventions are overly broad, and that domestic compliance falls short of FATF standards.
The FATF addressed the reinstatement of UN measures directly: "In addition, considering the snapback or reinstatement of United Nations Security Council Resolutions on Iran due to its lack of compliance with its nuclear non-proliferation obligations, the FATF reminded all jurisdictions of their obligations under the FATF Standards to address PF risks emanating from Iran."
FIs are to give special attention to business relationships and transactions with Iran, including Iranian companies, financial institutions and those acting on their behalf. In light of the re-imposition of sanctions post-JCPOA, FIs should comply with the Financial Services and Markets (Sanctions and Freezing of Assets of Persons – Iran) Regulations 2023.
Myanmar: enhanced due diligence without further countermeasures
Since October 2022, the FATF has called on all jurisdictions to apply enhanced due diligence measures proportionate to the risks arising from Myanmar. The FATF noted limited progress over the five years since the expiry of Myanmar's action plan and urged urgent implementation.
The FATF identified specific illicit finance concerns: fraud and cyber scam activities in Myanmar remain extensive and present significant illicit finance risks, despite some steps taken to tackle these operations. Myanmar remains on the call-for-action list until its action plan is complete.
MAS clarifies the proportionate approach expected of FIs:
- Apply enhanced due diligence measures to detect and mitigate risks from higher-risk customers and transactions.
- Ensure that flows of funds for humanitarian assistance, legitimate Non-Profit Organisation (NPO) activities and remittances are neither disrupted nor discouraged.
MAS notes an important distinction: "For the avoidance of doubt, the FATF has not called for other countermeasures against Myanmar, unlike in the case of DPRK and Iran."
Practical takeaways for Singapore financial institutions
The June 2026 FATF Statements support FIs in their risk assessment and mitigation. The two referenced statements address the lists of "Jurisdictions under Increased Monitoring" and "High-Risk Jurisdictions subject to a Call for Action". Non-FIs subject to AML/CFT requirements in Singapore are also advised to note the statements and take appropriate measures under their AML/CFT obligations and the relevant United Nations Regulations.
Source: June 2026 FATF Statement, as highlighted by MAS. FATF Statement on "Jurisdictions under Increased Monitoring" (June 2026); FATF Statement on "High-Risk Jurisdictions subject to a Call for Action" (June 2026).
