Singapore to assume FATF presidency

A senior international advisor at Singapore’s Ministry of Home Affairs is to become the first Singaporean to lead the Financial Action Task Force (FATF) since the city-state joined in 1992.

T Raja Kumar will replace Marcus Pleyer as the next president for a two-year fixed term, beginning on July 1.

“Raja’s capabilities, international experience and work as a senior public sector leader, operating in a multi-ethnic and multi-cultural environment across a range of disciplines, will come in useful to lead an international organisation such as the FATF,” said K Shanmugam, Singapore’s minister for home affairs and law.

FATF was established in 1989 by the Group of Seven, and sets international standards to prevent and combat money laundering, terrorism and proliferation financing. The FATF also evaluates and monitors member jurisdictions to ensure they implement FATF standards fully and effectively.

Singapore presidency

Kumar has been head of Singapore’s delegation to the FATF since January 1, 2015.

“Raja has been active in leading Singapore’s efforts against money laundering and terrorism financing,” the Monetary Authority of Singapore (MAS) said.

He has served as co-chair of the National Interagency Committee on Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) since January 2015 and has driven Singapore’s efforts to meet FATF standards, MAS said.

“Singapore strongly supports the outstanding work of the FATF in establishing and implementing global standards to combat money laundering and terrorism financing,” said Lawrence Wong, Singapore’s minister for finance.

About the author

Yixiang Zeng is Southeast Asia Correspondent Cover at Thomson Reuters Regulatory Intelligence. She covers financial regulatory framework developments in Southeast Asia with a focus on banking, wealth management, securities and fund management groups.

Subscribe to Business Insight

Discover best practice and keep up-to-date with insights on the latest industry trends.