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MAS's Shanmugaratnam on money-changing businesses

In a speech given on 15 August Tharman Shanmugaratnam of the Monetary Authority Of Singapore said the Bill expands the scope of MAS' powers to revoke or suspend a money-changer's or remittance licence to include cases where the licensee has failed to comply with any written direction issued by the MAS.

"These powers will enable MAS to deal with recalcitrant licensees more effectively. In addition, the Bill spells out the circumstances under which a money-changer's or remittance licence will lapse

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