Identifier
Created
Classification
Origin
06SINGAPORE1131
2006-04-07 08:30:00
UNCLASSIFIED
Embassy Singapore
Cable title:
SINGAPORE TO AMEND MONEYLENDERS ACT
how-toVZCZCXYZ0001 RR RUEHWEB DE RUEHGP #1131 0970830 ZNR UUUUU ZZH R 070830Z APR 06 FM AMEMBASSY SINGAPORE TO RUEHC/SECSTATE WASHDC 9490 INFO RUCPDOC/USDOC WASHDC RUEATRS/DEPT OF TREASURY WASHDC RUEAWJA/DEPT OF JUSTICE WASHDC
UNCLAS SINGAPORE 001131
SIPDIS
SIPDIS
E.O. 12958: N/A
TAGS: EFIN ECON EINV KTFN ETTC SN
SUBJECT: SINGAPORE TO AMEND MONEYLENDERS ACT
UNCLAS SINGAPORE 001131
SIPDIS
SIPDIS
E.O. 12958: N/A
TAGS: EFIN ECON EINV KTFN ETTC SN
SUBJECT: SINGAPORE TO AMEND MONEYLENDERS ACT
1. The Ministry of Law recently proposed amendments to the
Moneylenders Act (1985 Revised Edition) to enhance its regulation
of moneylenders in Singapore. The bill, currently under
consideration by Parliament, is expected to come into effect
later this year. Key amendments include:
(i) Expanded rule-making authority for the Minister of Law
governing the prevention of money laundering and the financing of
terrorism, among other areas. Senior Minister of State (Law) HO
Peng Kee told Parliament that this amendment was necessary for
Singapore to adopt additional Financial Action Task Force (FATF)
recommendations, which the GOS is currently reviewing for the
purpose of implementation.
(ii) New powers for the Registrar of Moneylenders or authorized
officers to obtain information or documents from moneylenders
suspected of contravening the Act.
(iii) New penalties for moneylenders providing misleading or
false information: offenders can be fined a maximum of S$10,000
(US$4,850) and/or imprisoned for up to twelve months.
(iv) New penalties for obstructing the entry and inspection of
suspected premises: offenders can be fined a maximum of S$6,000
(US$3,725) and/or imprisoned up to six months.
2. The full text of the proposed Moneylenders Act may be viewed
at the following website:
HERBOLD
SIPDIS
SIPDIS
E.O. 12958: N/A
TAGS: EFIN ECON EINV KTFN ETTC SN
SUBJECT: SINGAPORE TO AMEND MONEYLENDERS ACT
1. The Ministry of Law recently proposed amendments to the
Moneylenders Act (1985 Revised Edition) to enhance its regulation
of moneylenders in Singapore. The bill, currently under
consideration by Parliament, is expected to come into effect
later this year. Key amendments include:
(i) Expanded rule-making authority for the Minister of Law
governing the prevention of money laundering and the financing of
terrorism, among other areas. Senior Minister of State (Law) HO
Peng Kee told Parliament that this amendment was necessary for
Singapore to adopt additional Financial Action Task Force (FATF)
recommendations, which the GOS is currently reviewing for the
purpose of implementation.
(ii) New powers for the Registrar of Moneylenders or authorized
officers to obtain information or documents from moneylenders
suspected of contravening the Act.
(iii) New penalties for moneylenders providing misleading or
false information: offenders can be fined a maximum of S$10,000
(US$4,850) and/or imprisoned for up to twelve months.
(iv) New penalties for obstructing the entry and inspection of
suspected premises: offenders can be fined a maximum of S$6,000
(US$3,725) and/or imprisoned up to six months.
2. The full text of the proposed Moneylenders Act may be viewed
at the following website:
HERBOLD