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  • Reply To Parliamentary Questions On Local Singapore Banks Involvement In The Recent Document Leaks From The US Financial Crimes Enforcement Network

    Date 05/10/2020

    Q 163. To ask the Prime Minister in view of the recent assertions by the International Consortium of Investigative Journalists that a number of banks in Singapore had handled large sums of suspicious transactions (a) how will MAS address the assertions with the banks; and (b) what have been the efforts to enhance our work against suspicious transactions and money laundering.

    Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:

    1.      Mr Speaker Sir, the members’ questions arose from the leaked reports of the US Financial Crimes Enforcement Network, or FinCEN. 

    2.      Let me explain what these leaked reports are about. Suspicious Transaction Reports (STRs) are filed by financial institutions if they have reason to suspect that a financial transaction could be related to a crime. The reasons for suspicion may be due to an adverse media story on the customer, or the customer not providing a good explanation for an unusually large transaction. FinCEN receives a large number of STRs on an ongoing basis – 2.75 million in 2019.

  • SGX Welcomes The Listing Of Phillip SGD Money Market ETF, The First Of Its Kind In South East Asia

    Date 05/10/2020

    • The first Singapore-domiciled money market exchange-traded fund (ETF) on SGX, and the only money market ETF in South East Asia, starts trading today with S$100 million in initial assets under management (AUM)

  • Non-Jordanian Ownership In Companies Listed On The Amman Stock Exchange Reached 50.2%

    Date 05/10/2020

    Amman Stock Exchange revealed that the value of shares that were bought by non-Jordanian investors since the beginning of the year until the end of September 2020 was JD 73.5 million, representing 10.0% of the overall trading value, while the value of shares sold by them amounted to JD 135.6 million. As a result, the net of non-Jordanian investments showed a negative value of JD 62.1 million, whereas the net of non-Jordanian investments showed a negative value of JD 47.3 million for the same period of 2019.

  • Africa Reinsurance Corporation (Africa Re) Group Selects DIFC For Middle East expansion

    Date 05/10/2020

    • Africa Re’s first office outside Africa opens in DIFC.
    • Africa Re will provide both Conventional and Retakaful Capacity to support Takaful and Conventional companies.
    • Africa Re’s opening further reinforces DIFC’s position as the region’s leading insurance and reinsurance hub.

  • Reply To Parliamentary Question On family Offices In Singapore

    Date 05/10/2020

    Question:

    To ask the Prime Minister (a) in the past three years, how many high net worth individuals have set up or have been given approval to set up family offices in Singapore; (b) what is the total quantum of assets that have been attracted to Singapore through these high net worth individuals; and (c) how many Singaporeans have been employed by such family offices in Singapore.

    Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:

    1.      As Single Family Offices (SFOs) do not manage third party monies, they are not registered with or licensed by the Monetary Authority of Singapore (MAS). So MAS does not have hard data on the scale of their operations. 

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