Explanatory Brief: Monetary Authority of Singapore (Amendment No. 2) Bill
1 The Minister for Trade & Industry and Deputy Chairman of the Monetary Authority of Singapore (MAS), Mr Lim Hng Kiang, today moved the Monetary Authority of Singapore (Amendment No. 2) Bill ("the Bill") for first reading in Parliament. The Bill will be read a second time at the next available Parliamentary sitting.
2 The Bill seeks to enhance our effectiveness in combating money laundering and terrorist financing. It signals our commitment to maintain high standards of integrity and trust in our financial system.
3 The key changes in the Bill are as follows:
(a) Increase in maximum penalty
to raise the maximum penalty provided for in the MAS Act for breaches of directions or regulations giving effect to Singapore’s United Nations obligations or anti-money laundering / countering the financing of terrorism obligations from $100,000 to $1 million.
(b) Derivative liability
to create offences in the MAS Act for directors and officers where non-compliance by the financial institution is attributable to their consent, connivance or neglect.