The Parliament of Singapore conducted its first reading of the Monetary Authority of Singapore (MAS) Bill on 27 August.
The central bank said: "The Bill seeks to enhance our effectiveness in combating money laundering and terrorist financing." The main changes in the bill are:
· an increase in the maximum penalty for money laundering and terrorist financing from $100, 000 to $1 million; and
· the creation of offences for directors and officers where non-compliance by the financial instituti