Friday, 23 February 2018
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singapore - Banking & Finance - News

IRAS releases Consultation Papers on e-Commerce Transactions

The Inland Revenue Authority of Singapore (IRAS) has published two consultation papers on Feb 20 regarding taxing e-commerce transactions for businesses and individuals buying digital services from overseas providers.
Date: 21 February 2018; Type: Legal News; Source: Singapore Law Watch

Buyer's Stamp Duty Hike a preferred tool to Wealth Taxes

The Buyer's Stamp Duty hike in the budget has received praise from tax consultants and other experts as they think it is easier to implement and less disruptive than other alternatives.
Date: 21 February 2018; Type: Legal News; Source: Singapore Law Watch

Borrowing Plan will help fund Higher Infrastructure Spending

Singapore is looking to ramp up its spending on infrastructure by borrowing to fund its projects, and plans to use the country's national reserves to guarantee such borrowings.
Date: 21 February 2018; Type: Legal News; Source: Singapore Law Watch

CPF interest Rates and HDB Mortgage Rate from 1 April 2018 to 30 June 2018

Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the second quarter of 2018. CPF members will also earn up to 5% per annum on their Retirement Account (RA) monies in 2018. These intere ...
Date: 20 February 2018; Type: Legal News; Source: Central Provident Fund Board

Buyer's Stamp Duty (BSD) Rate to be raised, on the Value of Residential Property in excess of of $1 Million

The Minister for Finance announced in the 2018 Budget Speech that the top marginal Buyer’s Stamp Duty (BSD) rate will be raised from 3% to 4%, and applied on the value of residential property in excess of $1 million. The revised BSD rates will apply to all residential properties acquired on or after 20 February 2018.
Date: 19 February 2018; Type: Legal News; Source: Ministry of Finance

Budget 2018: Together, a Better Future

Minister for Finance Heng Swee Keat delivered the Singapore Government’s Budget Statement for Financial Year 2018 in Parliament on Mon, 19 February 2018.
Date: 19 February 2018; Type: Legal News; Source: Ministry of Finance

MAS sets out e-Payment Guidelines for Banks, Consumers

The Monetary Authority of Singapore has moved to set standards for consumer rights regarding mobile payments options provided by major retail banks. It has, amongst others, outlined the liabilities of customers in case of unauthorised transactions and the responsibilities of the banks to notify customers ...
Date: 14 February 2018; Type: Legal News; Source: Singapore Law Watch

SGX proposes Updates to Rules on Mineral, Oil and Gas Companies for Greater Relevance and Alignment

Singapore Exchange (SGX) is proposing changes to the Mainboard and Catalist Listing Rules for Mineral, Oil and Gas (MOG) companies so that they remain aligned with industry developments.
Date: 31 January 2018; Type: Legal News; Source: Singapore Exchange

Second Conviction for Market Misconduct under the Joint Investigations Arrangement with the Commercial Affairs Department

Singapore, Jan 22 - Mok Piak Liang (Mok) was sentenced to four months’ imprisonment on 19 January 2018 as a result of a conviction arising from a joint investigation conducted by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force. The State Courts of Singapore convicted Mok for ...
Date: 22 January 2018; Type: Legal News; Source: Monetary Authority of Singapore

Moneylenders (Amendment) Bill 2018 to Support Safer Access to Credit for Borrowers

Parliament has passed the Moneylenders (Amendment) Bill. It supports safer access to credit by providing better protection for borrowers, strengthening the regulation of licensed moneylenders and professionalizing the moneylending industry.
Date: 08 January 2018; Type: Legal News; Source: Ministry of Law

Singapore’s Laws do not make any Distinction between Transactions effected by Different Type of Currencies, says Deputy Prime Minister

When it comes to money laundering or terrorism financing, Singapore’s laws do not make any distinction between transactions effected using fiat currency, virtual currency or other novel ways of transmitting value, said the Deputy Prime Minister and Minister in charge of MAS while answering a question in Parliament.
Date: 08 January 2018; Type: Legal News; Source: Monetary Authority of Singapore

2018 Budget Statement to be delivered on 19 February 2018

Singapore’s FY2018 Budget Statement will be delivered by the Minister for Finance, Mr Heng Swee Keat, on Monday, 19 February 2018 in Parliament.
Date: 01 December 2017; Type: Legal News; Source: Ministry of Finance

MAS issues Prohibition Orders against Dennis Tey Thean Yang for Unauthorized Trading and Fraud

Singapore, Dec 21 - The Monetary Authority of Singapore (MAS) has issued two prohibition orders against Mr Tey Thean Yang Dennis. Mr Tey will be prohibited for a period of 5 years from:
Date: 21 December 2017; Type: Legal News; Source: Monetary Authority of Singapore

MAS issues Prohibition Orders against Mr Yeo Jiawei and Mr Kevin Scully

Singapore, Dec 19 - The Monetary Authority of Singapore (MAS) has issued a lifetime Prohibition Order (PO) against Mr Yeo Jiawei and a 3-year PO against Mr Kevin Scully. Both POs take effect from 18 December 2017. MAS had earlier served notices of intention to issue POs against Mr Yeo and Mr Scully in October and May 2017 respectively.
Date: 19 December 2017; Type: Legal News; Source: Monetary Authority of Singapore

New Measure to help Individuals manage Unsecured Debts

Singapore, Dec 15 - The Monetary Authority of Singapore (MAS) has announced a new measure to help borrowers avoid accumulating excessive unsecured debts.
Date: 15 December 2017; Type: Legal News; Source: Monetary Authority of Singapore

SGX, ABS, ISCA, Law Society and SID jointly launch Guide on Prevention of Insider Trading

Singapore Exchange (“SGX”), together with the Association of Banks in Singapore (ABS), the Institute of Singapore Chartered Accountants (ISCA), the Law Society of Singapore and the Singapore Institute of Directors (SID), is launching a guide on the prevention of insider trading.
Date: 05 December 2017; Type: Legal News; Source: Singapore Exchange

Proposed Framework to strengthen the Process of determining of SGS and MAS Bills Closing Prices

Singapore, Dec 1 - The Monetary Authority of Singapore (MAS) today published a consultation paper proposing a framework to strengthen the process of determining Singapore Government Securities (SGS) and MAS Bills end-of-day prices (Closing Prices). This is in line with MAS’ broader efforts to enhance the integrity of the processes for setting ...
Date: 01 December 2017; Type: Legal News; Source: Monetary Authority of Singapore

Errant Licensed Moneylender, Tan Kim Wah Steven, fined $187,500

The charges were brought by the Registry of Moneylenders, a department under the Ministry of Law, against Tan Kim Wah Steven, the sole director and shareholder of the moneylending company, WST Credit Pte Ltd
Date: 21 November 2017; Type: Legal News; Source: Ministry of Law

Explanatory Brief for Payment and Settlement Systems (Finality and Netting) (Amendment) Bill

Mr Lim Hng Kiang, Minister for Trade and Industry (Trade), and Deputy Chairman, Monetary Authority of Singapore, on behalf of Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of the Monetary Authority of Singapore (“MAS”), today moved the Payment and Settlement Systems (Finality and Netting) (Amendment) Bill (the ...
Date: 06 November 2017; Type: Legal News; Source: Monetary Authority of Singapore

MAS obtains Higher Civil Penalties regarding Civil Penalty Enforcement Action for unauthorized Share Trading

Singapore, Nov 1 - The Monetary Authority of Singapore (MAS) has successfully obtained higher civil penalties against Mr Wang Boon Heng (Wang) and Ms Foo Jee Chin (Foo) for contravening section 201(b) of the Securities and Futures Act (SFA), which prohibits any conduct that operates as a fraud or deception in connection with the subscription, purch ...
Date: 01 November 2017; Type: Legal News; Source: Monetary Authority of Singapore

Industry Updates

More Support for Firms to innovate and go International Companies

The government will provide more support to firms that buy solutions and for those that develop their own innovations or team up with partners, in the form of tax reliefs.

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Monetary Authority of Singapore and the Central Bank of Egypt Bolster FinTech Cooperation

Singapore, 14 February 2018 - The Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBE) signed an agreement to strengthen FinTech cooperation between the two countries on 6 February 2018. The Cooperation Agreement was signed at Seamless North Africa 2018 (under the patronage of the CBE), a conference focused on Payments, FinTech and eCommerce.

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Thailand, Cambodia discuss Nationality Verification for Migrant Workers

PHNOM PENH, Feb 14 (NNT) - Thailand's Labor Minister Adul Sangsingkeo and his Cambodian counterpart Ith Samheng discussed the nationality verification for undocumented migrant workers.

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Three New Judicial Commissioners of High Court appointed

Tan Puay Boon, Mavis Chionh and Ang Cheng Hock have been appointed as the Judicial Commissioners of the High Court by the President Halimah Yacob.

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Singapore must help shape International Law: Indranee

Senior Minister of State for Finance and Law Indranee Rajah urged that Singapore must actively help to shape International Law as its impact on domestic economic and social life will continue to grow.

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Experts from Asia affirm Need to push towards Convergence of Legal Frameworks to facilitate Cross-Border Data Flows

Singapore, Feb 7 - For the first time in Asia, representatives from government, data protection regulators, industry and the legal community across 19 countries met to discuss how to achieve a common Asian framework to share and transfer information across international borders.

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MAS Encourages Financial Institutions to use Technology to On-board Customers more Efficiently

Singapore, Feb 7 - The Monetary Authority of Singapore (MAS) has issued a new guidance to financial institutions (FIs) on the use of innovative technology solutions to facilitate safe, non-face-to-face customer on-boarding.

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State Courts launch Online Filing for Neighbour Disputes

The second phase of the State Courts’ Community Justice and Tribunals System (CJTS) was launched by the Community Justice and Tribunals Division (CJTD) today.

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ASEAN: Terrorism most serious Security Threat to Region

SINGAPORE, Feb 6 (Bernama) - The ASEAN Defence Ministers today unanimously identified terrorism as the most serious security threat to the region.

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ASEAN unanimously agreed on KSCIP Initiative

SINGAPORE, Feb 6 (Bernama) - All 10 ASEAN countries have agreed with the King Salman Center for International Peace (KSCIP) initiative, said Malaysian Defence Minister Datuk Seri Hishammuddin Tun Hussein.

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Law Society seeks to boost Gender Diversity

In a move to boost gender diversity in the legal industry, the Law Society has formed a task force to look at women-in-workplace issues like mentoring and office harassment.

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New Programme to help Legal Sector go Global

A new programme, Lawyers Go Global, was launched recently to help Singapore law firms take their practice abroad with overseas mission trips, training and marketing.

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