MAS to build new information-sharing platform for banks in Singapore to combat financial crimes

By:
On:
In: South-East Asia

SINGAPORE: A digital platform for financial institutions in Singapore to share information on suspicious customers or transactions will be set up after parliament passed the Financial Services and Markets (Amendment) Bill on Tuesday (May 9).

The new platform will be jointly developed by the Monetary Authority of Singapore (MAS) and six major commercial banks – DBS, OCBC, UOB, Standard Chartered Bank, Citibank and HSBC.

These banks will be given access to the platform, called the Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases (COSMIC).

It is set to be rolled out in phases, starting from the second half of 2024.

In the initial phase, COSMIC will focus on three key financial crime risks in commercial banking, namely abuse of shell companies, misuse of trade finance for illicit purposes and financing that aids the proliferation of weapons of mass destruction.

Sharing of information will be voluntary during this initial phase that will last for two years. 

This is to allow the platform to achieve operational stability while MAS engages financial institutions to calibrate features and address operational issues, said Minister of State for Trade and Industry Alvin Tan as he tabled the Bill for a second reading.

MAS intends to make information sharing mandatory for higher-risk situations in the later stages, as well as widen COSMIC’s coverage to include more risk areas and financial institutions.

Further legislative amendments will have to be proposed in the later stages to effect these mandatory requirements. MAS will consult the industry and the public before introducing these amendments, a spokesperson told CNA.

WHY IS THIS NEEDED?

The initiative is part of efforts to beef up Singapore’s defences against money laundering and financing of criminal activity. 

Mr Tan, who is a board member of MAS, said that while financial institutions have made significant strides in this aspect, they are currently unable to warn one another about unusual activity involving their customers given customer confidentiality obligations.

“Criminals exploit this by making illicit transactions through different financial institutions to avoid detection,” he added.

COSMIC, which aims to eliminate these information gaps, will “make it easier for financial institutions to detect and thereby deter criminal activity”, Mr Tan told the House.

Currently, Singapore’s Banking Act mandates that regulated financial institutions and their officers uphold confidentiality when handling customer information.

A private-public partnership, dubbed Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP), was established in 2017 to allow the MAS, the Commercial Affairs Department (CAD) and financial institutions to share specific information on a case-by-case basis.

Such a mechanism has “built trust among stakeholders” and demonstrates the benefits of information sharing, MAS said in response to CNA’s queries.

COSMIC will allow such information sharing “to be conducted at scale and in a structured format, to more efficiently and effectively pick out suspicious actors”, the spokesperson said.

Continue Reading

With PM Prayut switching parties, his deputy looks to lead ruling Palang Pracharat to victory in Thailand’s May 14 elections

By:
On:
In: Asia

“As for Prime Minister Prayut’s chances of winning the election, they are, I would say, increasingly coming into question as the latest polls seem to indicate that there’s going to be a strong showing from Pheu Thai as well as Move Forward,” Mr Harriman told CNA’s Asia First on Monday.

However, he noted that PM Prayut has the “advantages of incumbency”.

The 250-seat Senate was not elected, but instead appointed by the previous military government, led by current PM Prayut, for a five-year term ending in mid-2024.

The body plays a key role in determining the future prime minister, as it makes the decision jointly with the House of Representatives.

“I think the people that support him will continue to support him,” said Mr Harriman, on Mr Prayut’s chances in the election after switching parties.

“I think what will impact his party and chances in the election is the fact that there will now be some vote splitting that will occur within the conservative block,” he said, adding that it could have a substantial impact on results, especially in districts where the margin was quite tight in the last contest.

Continue Reading

Commentary: Singapore’s SEA Games football results a reminder why Unleash the Roar is critical. But patience is waning

By:
On:
In: South-East Asia

UTR has eight pillars, covering areas such as scholarships, national service, as well as infrastructure. Objectives have been set for each pillar in the hope that they produce outcomes to support the project.

Speaking to CNA in 2022, current Senior Parliamentary Secretary for Culture, Community and Youth Eric Chua described the project as one for the “long haul”.

“We are not talking about harvesting or reaping results this year, next year, or even in the next couple of years,” said Mr Chua.

“In terms of actual results that we see on the pitch, on score-lines and all that, I think we’re talking about a few years at least, but I think chiefly we want to focus on a few things.”

One of these things is creating a youth development pipeline, with more than 10 School Football Academies already been set up and partners such as the La Liga providing coaches.

“We want to make sure that we have a healthy pyramid coming up to the high performance level,” he said then.

While the plans sound good in theory and will take time to bear fruit, fans’ patience is running thin, and who can blame them? It won’t be easy convincing a generation of fans who are losing slowly losing faith.

TAKING RESPONSIBILITY

While there were some bright spots in a dark tournament from the men’s team goalkeeper Aizil Yazid, as well as the women’s national team who put up a creditable fight throughout their campaign, it has been yet another sobering Games.

And most fans – the ones who follow the game closely at least – are aware that Singapore have over the last decade gone from kingpins to minnows.

A draw with Laos at the Games is no longer a shock, neither are losses to Thailand or Vietnam. At the senior level, it has been more than 10 years since the men’s football team made the finals of the AFF Mitsubishi Electric Cup.

At the Games, Singapore have shuffled through three head coaches in as many tournaments.

Many will also remember Goal 2010 – Singapore’s abandoned bid to get the national team to the 2010 World Cup. It’s no wonder there is a cloud of pessimism surrounding football.

Continue Reading

A foster mum and her motherhood journey: ‘It doesn’t matter if the child is from my body or not’

By:
On:
In: South-East Asia

“She was carried in by a child protection officer and was very quiet. I could see that she was very nervous,” the 36-year-old recalled.

“After half an hour of quiet conversation, the officer told me I could carry her. The moment I carried her, she started crying and moved into a foetal position – she curled up and wrapped her hands around my arm. Instinctively, I started rocking and comforting her,” said Chen.

Joey eventually fell asleep in that position, and the child protection officer left Chen and her husband with the child.

THE DAUGHTER SHE DID NOT CARRY IN HER WOMB

That was how Chen’s motherhood journey began – not with a nine-month pregnancy or a baby who suckled at her breasts.

“From being a married couple with no kids, we suddenly jumped many phases to begin caring for a toddler,” Chen said. 

Many mothers describe the first meeting with their child as truly magical. Few, however, would describe an experience akin to Chen’s.

“After she fell asleep, I slowly put her down on the sofa, covered her with a blanket and surrounded her with soft items. She slept for close to an hour.

“Throughout this time, my husband and I just walked around and kept checking if she was awake. Eventually, she opened her eyes and realised she was in this new house. Her face fell and she looked like she was going to cry,” Chen recalled.

Chen knew that Joey’s reaction was natural. As a preschool teacher, she had seen many cases of separation anxiety.

She also knew that Joey had been placed in foster care because of family problems and safety concerns, and this added to the child’s stress.

“When I asked her what she wanted to do, she pointed outside the house. So we took her out immediately. We went on a shopping trip to get her new clothes and other items,” said Chen.

That was just the first day, and the couple knew they had a challenging journey ahead.

Continue Reading

Thailand’s move to legalise cannabis emerges as election issue with some parties expressing concerns

By:
On:
In: Asia

WAITING FOR A LANDSLIDE

Political watchers in Buriram expect the Bhumjaithai Party to dominate the local results when the polls close on Sunday.

While national dynamics suggest a tight contest between it and Pheu Thai Party in many areas, locals are expected to again elect Bhumjaithai candidates who have served them in the previous parliament. 

“The current political trend, especially in the Buriram area, seems to be leaning towards a landslide vote, as seen in the polls. The landslide vote will go towards the previous Members of Parliament or candidates that were previously elected,” said Sathaporn Wichairam, an assistant professor in public administration at Buriram Rajabhat University.

He also expects that the cannabis debate, while making headlines around Thailand, will do little to influence local people, who are more concerned about economic issues and likely to be glued-on voters for Bhumjaithai.

“The Northeastern region has a few problems, namely infrastructure, low-income earners, and agricultural production issues that cause low income. The main problem is poverty. Most of the people in the area want to have enough food to eat. This problem is more significant than others,” he said.

Still, in a region of pro-cannabis politics, there are strong dissenting voices, including Pheu Thai candidate for District 10 in Buriram, Jamras Wiangsong.

He blames Buriram itself – and the movement that has stemmed from the province – for helping cultivate the spread of cannabis around the country and says it is “misleading advertising” to say that the drug can help local people economically. 

Continue Reading

Leong Mun Wai’s proposals for ‘opposition hour’, more flexible timekeeping in parliament rejected

By:
On:
In: South-East Asia

“PROVIDE ALL DATA” During his speech, Mr Leong also asked the government to provide all data in the “requested format” as asked for by MPs, unless there were national security or financial market sensitivities. He also said ministerial statements and other speeches should be provided to MPs; and ministers providedContinue Reading

Leong Mun Wai’s proposals for ‘opposition hour’, more flexible timekeeping in parliament rejected by Indranee

By:
On:
In: South-East Asia

“PROVIDE ALL DATA” During his speech, Mr Leong also asked the government to provide all data in the “requested format” as asked for by MPs, unless there were national security or financial market sensitivities. He also said ministerial statements and other speeches should be provided to MPs; and ministers providedContinue Reading

Woman fined for illegally importing nearly 180kg of food products, including duck and pig blood

By:
On:
In: South-East Asia

SINGAPORE: Nearly 180kg of assorted meat products and processed food products were uncovered by Immigration & Checkpoints Authority officers after anomalies were detected during the scanning of a container on Jan 27, 2022.

Mei Hua, a Chinese national, was fined S$12,000 (US$9055) on Monday (May 8) for illegally 101.45kg of assorted meat products and 73.65kg of processed food products, following an investigation by the Singapore Food Agency (SFA).

The products included duck blood, pig blood, pancakes and sunflower seeds, SFA said in a press release. 

The assorted meat products were imported without a valid permit, while the processed food products were undeclared, it added. 

The illegal consignments have since been seized and destroyed, said SFA. 

The agency noted that food imports into Singapore must meet its requirements.

Illegally imported food products from unknown sources can pose a food safety risk, it added. 

“Food can only be imported by licensed importers, and every consignment must be declared and accompanied with a valid import permit,” said SFA. 

Meat products can only be imported from accredited sources in approved countries that comply with our food safety standards and requirements, the agency added. 

Those who illegally import meat products from unapproved sources can be fined S$50,000, jailed for up to two years or both. Those who illegally import processed food can be fined S$1,000. 

Continue Reading