Tuesday, November 4, 2014

MAS Legislative Consultation Paper for FAIR

The Monetary Authority of Singapore (‘MAS’) has released a consultation paper on legislative amendments to the Financial Advisers Act ('FAA') and Insurance Act ('IA') to implement the policy proposals under the Financial Advisory Industry Review ('FAIR') in order to raise the standards of the financial advisory industry.

The MAS is proposing regulatory requirements for continuing professional development (‘CPD’) for representatives of financial adviser ('FA') and exempt financial advisers. At the same time, the MAS proposes to raise the criteria and standards for licensed financial advisers ('LFAs'), in particular with a view to financial requirements and in staff capabilities. Registered insurance brokers must also meet similar criteria to carry on the full range of FA activities.

Monday, November 3, 2014

FATF Issues Guidance on Transparency and Beneficial Ownership

The Financial Action Task Force (FATF) has issued a Guidance on Transparency and Beneficial Ownership. The standards on transparency aims to deter and prevent the misuse of corporate vehicles such as companies, trusts, foundations, partnerships, and other types of legal persons and arrangements. Corporate vehicles have been known to have been misused for illicit purposes, such as money laundering, bribery and corruption, insider dealings, tax fraud, terrorist financing, and other illegal activities.