Wednesday, April 1, 2015
MAS and CAD to collaborate against Market Misconduct Offences
The Monetary Authority of Singapore (“MAS”) and the Commercial Affairs Department (“CAD”) of the Singapore Police Force have announced that they will work together to investigate market misconduct offences such as insider trading and market manipulation. The MAS and CAD will integrate their resources and expertise, by utilizing MAS’ role as a financial regulator and CAD’s financial crime investigation and intelligence capabilities. The arrangement will promote greater efficiency and coordination for the formulation of enforcement policies in the area of market misconduct.
MAS officers involved in the joint investigations will be designated as Commercial Affairs Officers, providing them with the same criminal powers of investigation as CAD officers. CAD officers are granted the power to search premises and confiscate items as well as to order financial institutions to monitor customer accounts. This will in turn improve the overall effectiveness of investigations.
With these steps in tow, Singapore is making significant headway in the fight against financial crime as it looks forward to preserve its standing as a trusted financial hub and to strengthen confidence in its capital markets.
Posted by Unknown at 11:30 AM