CRIMINAL conduct in the finance industry and the corporate world can cause serious damage to the economy and the lives of Singaporeans. Recent financial debacles in Singapore, such as the Sunshine Empire and Profitable Plots cases, caused many to lose investments and life savings.

Singapore's business-friendly legal and regulatory frameworks facilitate business development, innovation, investment and economic growth. However, constant tending and close attention are necessary to ensure that fraud or sharp practices are not allowed to take root. Singapore's strong and vibrant economy and its sterling reputation as a financial, commercial and investment hub can only be maintained if it continues to have a robust and effective enforcement regime that deals with breaches of the law swiftly and firmly. The certainty of detection of wrongdoing and promptness of effective sanctions play a crucial role in maintaining the Republic's standing as a financial centre.

In Singapore, both individuals and corporate entities can expect to face prompt enforcement action for financial misconduct. The emphasis, if there is one, is placed on holding accountable the individuals who perpetrated the misconduct. Persons involved in financial misconduct should expect that they would be subject to enforcement action. The threat of personal criminal sanctions for misconduct in Singapore is real. There is no certainty of escape from liability by hiding behind corporate structures or the corporate veil.