ISCA Partners COC to Launch New AML and CFT Initiatives to Enhance Charities Sector’s Financial Governance and Resilience
- Written by Viw Magazine
SINGAPORE - Media OutReach Newswire - 2 October 2024 - Minister for Culture, Community and Youth and Second Minister for Law Edwin Tong announced that the Institute of Singapore Chartered Accountants (ISCA) will partner the Office of the Commissioner of Charities (COC) to bolster the resilience of Singapore's charities sector through new anti-money laundering (AML) and countering the financing of terrorism (CFT) initiatives.
He made this announcement at Charity Governance Conference 2024 today.
ISCA partners COC to set up Charities AML/CFT Services Panel
Recognising the pressing need for robust governance amid growing concerns over the vulnerabilities in fund-raising practices, ISCA and Office of COC will be rolling out subsidised services for charities in Singapore to help enhance their AML/CFT capabilities. This initiative will be led by a Charities AML/CFT Services Panel set up by ISCA, comprising accounting firms – Forbis Accounting Pte Ltd, InCorp Global and Unity Assurance Pte Ltd.
Charities can approach the panel members for support in conducting due diligence checks, identify potential risks and provide interpretation of the screening results. They can also receive support in the drafting and implementation of AML/CFT policies and procedures at a low bono fee.
ISCA's Community Accounting Programme
ISCA is also spearheading digital transformation in the charities sector through its Community Accounting Programme, which was launched in October 2023 in partnership with the Office of COC and the National Council of Social Service. The programme is designed to accelerate the digital transformation of charities, particularly those with limited resources. It targets to support more than 50 charities and non-profit organisations by end-2024. A pilot programme was recently concluded in March 2024 with three charities which helped to digitalise their accounting and finance processes. For example, Fo Guang Shan (Singapore), a Buddhist organisation, benefitted from a transition to Xero, a cloud-based accounting solution, supported by Singapore Corporate Services Pte Ltd. The transition allowed the charities to automate manual tasks, retrieve supporting documents easily, as well as obtain up-to-date and accurate information for cashflow planning. More importantly, this has improved the charity's financial operations for better accountability and governance.
These initiatives underscore ISCA's and Office of COC's commitment to advancing the charity sector, reinforcing public trust and promoting operational excellence.
Professor Ang Hak Seng, Chairman of ISCA Charity Accounting Committee, said: "ISCA is committed to making an impact in the charities sector by working hand-in-hand with Office of COC. Together, we aim to strengthen charities' governance through initiatives like provision of AML risk consultancy, AML know your donor screening services, as well as our Community Accounting Programme. These initiatives help protect charities from money laundering threats and automation of robust finance processes to enhance transparency and accountability. As the national accountancy body, ISCA is happy to serve as a platform to enable ISCA members to contribute meaningfully and be able to make a lasting difference in the community."
Commissioner of Charities, Mr Desmond Chin said: "We are pleased to partner ISCA to enhance the financial governance and resilience of our charity sector. The Charities AML/CFT Services Panel will provide charities with the tools and knowledge to strengthen their AML/CFT measures. We will continue working together with our partners to foster a culture of transparency and accountability to strengthen public trust in charities."
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Institute of Singapore Chartered Accountants
The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore with over 36,000 ISCA members making their stride in businesses across industries in Singapore and around the world. ISCA members can be found in over 40 countries and members based out of Singapore are supported through 12 overseas chapters in 10 countries.
Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession.
ISCA administers the Singapore Chartered Accountant Qualification programme and is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation.
ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.
For more information, visit www.isca.org.sg.
