Letters to Editor
Published Date: 29 October 2012

Response to two letters on gold buy back schemes - ST Forum, 24 Oct 2012

27 October 2012

The Editor
ST Forum

Dear Editor

MAS thanks Eng Tiang Chuan and Tan Kin Lian for their feedback on gold buy back schemes (‘Regulate for safer investments’ and ‘Buyback lures requires stricter rules’, Forum,  24 October 2012).

2   Our Investor Alert List (IAL) lists unregulated persons or entities that MAS is aware of who have been wrongly perceived by the public as being licensed or authorised by MAS. This does not mean that they have breached any of MAS’ laws. Nor does it mean that MAS has powers to monitor their activities or investigate their operations. Where there is evidence of fraud or any other breaches of law, action will be taken by the appropriate enforcement agency.

3   Several operators offering gold buy-back schemes are currently under investigation by the Commercial Affairs Department. In order not to compromise the ongoing investigation, I regret that MAS is unable to disclose further information.

Angelina Fernandez
Director (Communications)
Monetary Authority of Singapore