Singapore central bank says to prioritise curbing disclosure breaches, money laundering

FILE PHOTO: A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. REUTERS/Darren Whiteside/File photo

SINGAPORE (Reuters) - Singapore’s central bank said on Wednesday it would prioritise combatting disclosure breaches, mis-selling of financial products, and money laundering in a report on financial markets oversight.

The Monetary Authority of Singapore also said it would focus on countering terrorism financing in its ‘Enforcement Report’ that is published every 18 months.

MAS said it would seek to update its enforcement powers to better detect, investigate, and take action against financial misconduct and would increase focus on the accountability of senior management for any breaches, according to the report.

The city-state is bolstering its enforcement regime as it seeks to solidify its position as a global financial hub.

Singapore authorities earlier this year said they were working together to scrutinise the local operations of collapsed German payments firm Wirecard in one of the more recent high-profile cases.

The MAS has imposed S$11.7 million ($8.6 million)in civil penalties and helped secure the criminal convictions of nine individuals for market misconduct or related offences between January 2019 and June 2020.

($1 = 1.3684 Singapore dollars)

Reporting by Aradhana Aravindan in Singapore; Editing by Ana Nicolaci da Costa