Louis Ng on Financial Institutions (Miscellaneous Amendments) Bill
The Financial Institutions (Miscellaneous Amendments) Bill will enhance the investigative, supervisory and inspection powers of the Monetary Authority of Singapore (MAS) to more effectively ensure compliance by financial institutions, and is a positive move that strengthens the integrity of financial institutions in Singapore, said MP Louis Ng in Parliament on Thursday (Mar 7). With the expanded investigative powers of MAS, he wanted to know how much additional workload this will entail on the part of MAS’ Enforcement Department. He also asked how the expanded investigative powers will impact the current MAS and Commercial Affairs Department (CAD) Joint Investigation Arrangement and what steps will be taken to ensure MAS’ enforcement officers are prepared for the expanded scope of powers. He also sought clarification on the right against self-incrimination and on the treatment of privileged communications.
The Financial Institutions (Miscellaneous Amendments) Bill will enhance the investigative, supervisory and inspection powers of the Monetary Authority of Singapore (MAS) to more effectively ensure compliance by financial institutions, and is a positive move that strengthens the integrity of financial institutions in Singapore, said MP Louis Ng in Parliament on Thursday (Mar 7). With the expanded investigative powers of MAS, he wanted to know how much additional workload this will entail on the part of MAS’ Enforcement Department. He also asked how the expanded investigative powers will impact the current MAS and Commercial Affairs Department (CAD) Joint Investigation Arrangement and what steps will be taken to ensure MAS’ enforcement officers are prepared for the expanded scope of powers. He also sought clarification on the right against self-incrimination and on the treatment of privileged communications.
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