On the regulatory front, MAS holds
regular dialogues with our regional counterparts in banking,
securities and insurance to exchange views. MAS is also one
of two non-G10 members on the Financial Stability Forum which
brings together senior representatives of national financial
authorities, international financial institutions, international
regulatory and supervisory groupings, committees of central
bank experts and the European Central Bank to promote international
We hosted the 25th EMEAP Deputies Meeting in December 2003,
where pertinent economic and financial issues affecting the
region were discussed. In 2004, Singapore will host the EMEAP
Governors Annual Meeting as well as the EMEAPEurosystem
High Level Seminar.
Our involvement in the work of the EMEAP group of central banks
is expected to grow. MAS will chair the EMEAP Working Group
on Banking Supervision from 2004 to 2006. In addition, MAS is
an observer on the Islamic Financial Services Board. The Board
is set up by central banks of Islamic countries with the support
of the International Monetary Fund (IMF), World Bank (WB) and
the Bank for International Settlements to establish international
standards and best practices for the supervision of Islamic
We play an active role in the formulation of global regulatory
standards in the financial sector. For example, we hosted the
10th Annual Conference of the International Association of Insurance
Supervisors (IAIS) where the new set of 28 Insurance Core Principles
were formally adopted. These principles serve as best practice
benchmarks to align the standards of insurance sector supervision
worldwide (See Box 18).
On the securities front, MAS has been elected as Chair of the
Asia Pacific Regional Committee (APRC) of the International
Organisation of Securities Commissions (IOSCO) and a member
of the IOSCO Executive Committee for a period of two years.
As Chair of the APRC, MAS role is to create a conducive
environment for promoting sound securities regulation consistently
across the region through the sharing of views and information.
Singapore is also active in the international effort to combat
money laundering and terrorist financing. Singapore is a member
of the Financial Action Task Force (FATF), and is represented
by an inter-agency team. As part of this team, MAS participates
in FATF work including the revision of the FATF 40 Recommendations.
Singapore will implement the revised recommendations soon. Singapore
is also a member of the Asia Pacific Group on Money Laundering
which encourages the adoption of international anti-money laundering
standards within Asia Pacific.
Enhancing Risk-focused Supervisory Approach
Box 1 Fostering a Sound and Progressive
Financial Services Sector