Yip Hon Weng on Financial Services and Markets Bill
The non-fungible token (NFT) market is vulnerable to money laundering activities and the definition of virtual assets should cover NFTs when regulating service providers to better manage money laundering and terrorist financing risks. MP Yip Hon Weng said this in Parliament on Tuesday (Apr 5). He also sought clarification on giving the Monetary Authority of Singapore harmonised and expanded powers to issue prohibition orders, and asked how often financial penalties for technology risk management lapses will be reviewed.
The non-fungible token (NFT) market is vulnerable to money laundering activities and the definition of virtual assets should cover NFTs when regulating service providers to better manage money laundering and terrorist financing risks. MP Yip Hon Weng said this in Parliament on Tuesday (Apr 5). He also sought clarification on giving the Monetary Authority of Singapore harmonised and expanded powers to issue prohibition orders, and asked how often financial penalties for technology risk management lapses will be reviewed.
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