Singapore’s central bank has revealed in a report on Wednesday that financial criminals will be punished with quicker and more stringent penalties.
On Wednesday, 27 April, the Republic’s central bank released the report saying that the Monetary Authority of Singamore (MAS) will now take quicker actions against financial criminals.
The average time taken by the Monetary Authority of Singapore (MAS) to complete reviews and investigations into breaches of financial industry laws and regulations decreased from 24 months to just nine in criminal cases, and from 26 months to 19 in civil penalty cases.
Its Enforcement Report 2020-2021 notes that the speedy conclusion of the probes helped secure seven criminal convictions, which included three jail sentences and four fines, in the 18 months to Dec 31, 2021.
The report shows that 20 prohibition orders were issued, banning unfit representatives from re-entering the financial industry.
The licence of a fund management company – Apical Asset Management – was revoked in the same period.
The MAS imposed $2.4 million in composition penalties for money laundering and terror financing control breaches and $150,000 in civil penalties against offenders.
Ms Peggy Pao-Keerthi Pei Yu, executive director of its enforcement department, said the central bank does not gauge enforcement effectiveness by timelines alone, as the time taken to complete cases can vary depending on several factors.
“Nevertheless, the trend of reduction in time taken to complete our criminal and civil penalty investigations over the years attests to our commitment to administer swift enforcement outcomes,” she added.
Suggested read: Singapore to Strengthen Security Measures Against Phishing Scams
