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