Jul.08, 2010, Source: Government of Singapore

Singapore will host the 13th Annual Meeting and the related 9th Annual Technical Assistance and Training Forum of the Asia/Pacific Group (APG) on Money Laundering concurrently from 12 to 16 July 2010 at the Suntec Singapore International Convention and Exhibition Centre.

More than 300 senior government officials from the Asia/Pacific region and around the world will convene in Singapore to discuss key developments and policy responses to pertinent issues related to anti-money laundering and the counter-financing of terrorism (AML/CFT). The APG Annual Meeting will also review the progress made by APG members in implementing the international standards on AML/CFT established by the Financial Action Task Force.

Mr K Shanmugam, Minister for Law and Second Minister for Home Affairs is the Guest-of-Honour and will deliver the opening address during the opening ceremony on Tuesday, 13 July 2010.

The week-long series of meetings will be chaired by the current APG Co-Chairs Mr Ong Hian Sun, Director, Commercial Affairs Department, Singapore Police Force, and Commissioner Tony Negus, Australian Federal Police.

This annual high level gathering demonstrates the continued commitment and cooperation of APG members to combat money laundering and terrorist financing.

Mr Ong Hian Sun said “Singapore’s hosting of the meeting demonstrates Singapore’s strong commitment to help promote robust anti-money laundering/counter terrorism financing standards in the Asia Pacific region, and enhance international cooperation to combat cross-border financing of illicit activities.”

Further information about the APG can be found at www.apgml.org.

History and Objectives of APG

The APG was officially established as a regional organisation in 1997 at the fourth Asia/Pacific Money Laundering Symposium in Bangkok.

The mission of the APG is to combat money laundering and terrorist financing in the Asia/Pacific region through implementation of the international AML/CFT standards in APG member.

To achieve this, the APG:

Provides a strong and autonomous regional AML/CFT body for APG members and observers, including all strategically important jurisdictions in the Asia/Pacific region;

Actively participates in, and co-operates with, the global AML/CFT network, including the FATF, other FATF-style regional bodies and relevant international and regional organizations;

Assesses APG members’ compliance with the global standards;

Provides assistance to APG members to implement the global standards through effective planning and guidance; and

Ensures that mechanisms are in place for international cooperation, given the international dimension to money laundering and terrorist financing.

APG Membership

The APG currently has 40 members and a number of ‘observer’ jurisdictions and organisations.

While it is not a pre-condition of membership that laws to criminalise money laundering and terrorist financing are already enacted, members must make a commitment to implement legislation and other measures based on the accepted international standards for AML/CFT.