The panel is part of a suite of measures launched by the Office of the Commissioner of Charities (COC) and Charity Council on Oct 2 to strengthen governance capabilities and build up public trust in charities.
The other initiatives are aimed at encouraging the adoption of environmental, social and governance (ESG) practices to garner greater support from stakeholders, and supporting dispute resolution in smaller charities.
The panel will offer due diligence screening for charities at a subsidised rate and help them check the names of individuals or entities against sanction lists, watchlists and negative news reports.
It was set up by the Institute of Singapore Chartered Accountants and the Office of the COC.
It will also provide consultancy services that can help charities to identify and assess risk areas in their operations and funding sources, and help draft procedures to mitigate them.
There is no indication that charities in Singapore had been involved in or misused funds for money laundering and terrorist financing, said the Ministry of Culture, Community and Youth (MCCY) in a statement on Oct 2.
However, the refreshed Singapore Terrorism Financing National Risk Assessment 2024 report highlighted that the understanding of the risk of abuse for terrorist financing still varies among charities, it added.
Diese Geschichte stammt aus der October 03, 2024-Ausgabe von The Straits Times.
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