Don Wee on Financial Institutions (Miscellaneous Amendments) Bill

With its enhanced power, how does the Monetary Authority of Singapore (MAS) intend to synergise the information that it collects and harmonise with the suspicious transaction reports filed with the Suspicious Transaction Reporting Office? Can the enhanced intelligence be shared with other Government agencies such as the Home Team and the Attorney General's Chambers seamlessly so as to investigate and prosecute money laundering and terrorism financial cases swiftly? How can the enhanced power allow MAS to expedite investigations into licensed payment service providers for suspected failure to comply with its obligations? MP Don Wee raised these questions in Parliament on Thursday (Mar 7). He added that MAS deserves more authority to issue stiffer measures when capital markets services licence holders and their representatives conduct unregulated businesses, as an errant service provider may use consumers' investments for its unregulated activities. He also wanted to know what are the grounds for the removal of key personnel in such cases, and under what circumstances will MAS approve the appointment of external auditors or agents by foreign regulators to conduct inspections of financial institutions.