Parliament reads Singapore CB bill

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

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