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Formulating and Implementing Global Standards . Box 18 – Meetings of Minds
Box 19 – Singapore to Host IMF and
WB Meetings in 2006
Formulating and Implementing Global Standards
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 financial stability.

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 finance.

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
Enhancing MAS’ Supervisory Capabilities
Box 2 – Stress Testing of Life Insurers
Box 3 – Streamlining Inspection Function
Thematic Inspections to Improve Surveillance