MAS proposes to have more investigative powers, enter premises without prior notice or warrant

THE Monetary Authority of Singapore (MAS) could soon have powers to enter premises without prior notice or a court warrant when it comes to financial crime investigations where there is a risk of evidence being destroyed.

MAS on Friday issued a consultation paper proposing to strengthen its investigative powers under MAS-administered Acts to enhance its ability to gather evidence.

The amendments will be made under a bill that proposes to empower MAS to enter premises without prior notice or a court warrant for investigations under the Securities and Futures Act (SFA) or the Financial Advisers Act (FAA), when MAS assesses that there is a risk of evidence being destroyed.

MAS also proposes to extend this power, along with other investigative powers that are currently available under the SFA and FAA, to other MAS-administered Acts. These are the Banking Act, Insurance Act, Trust Companies Act, Payment Services Act and the new omnibus Act for the financial sector. These include powers to compel witnesses to attend interviews and to use evidence gathered by other agencies.

This will strengthen MAS' ability to hold persons accountable for offences under those Acts, said the financial regulator in a statement.

Other proposals in the consultation paper include clarifying that MAS may reprimand a person for misconduct even after that person has left a financial institution or the financial industry, as well as introducing powers to enable MAS to impose requirements on certain financial institutions to manage risks arising from the conduct of unregulated businesses.

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Interested parties have up till Aug 1, 2021 to submit their comments on the proposed amendments in the consultation paper.

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