As part of its ongoing effort to strengthen its enforcement against market misconduct, the Monetary Authority of Singapore (MAS) has for the first time reportedly charged three individuals with front-running offences

This represents one of the first joint investigations by the MAS and the Commercial Affairs Department of the Singapore police that has resulted in criminal prosecution since the joint investigation regime for potential market misconduct offences took effect in March last year.

Firms can expect increased enforcement activities in Singapore in the foreseeable future – IF the new MAS Enforcement Department which came into operation earlier this month recent actions are anything to go by.  Just consider the recent high profile enforcement actions that the MAS has taken against suspected insider dealing and money laundering, financial services

Copies of recent MAS announcements

1. MAS directs BSI Bank to shut down in Singapore – Singapore, 24 May 2016…
   1. The Monetary Authority of Singapore (MAS) announced today that it had served BSI Bank Limited (BSI Bank) notice of intention to withdraw its status as a merchant bank in Singapore for
      1. grave violations of anti-money laundering requirements,
      2. poor management oversight of the bank’s operations and
      3. gross misconduct by some of the bank’s staff.
2. MAS Takes Civil Penalty Enforcement Action against Mr Pu Weidong and Triumpus Assets Management Pte Ltd for Insider Trading – Singapore, 3 May 2016…
   1. The Monetary Authority of Singapore (MAS) has taken civil penalty action against Pu Weidong (Pu) and Triumpus Assets Management Pte Ltd (Triumpus) for insider trading in the shares of Sinomem Technology Ltd (Sinomem).
3. MAS Sets Up Dedicated Departments to Combat Money Laundering and Strengthen Enforcement – Singapore, 13 June 2016…
   1. The Monetary Authority of Singapore (MAS) announced that it would set up dedicated departments to combat money laundering and strengthen enforcement respectively. The changes will take effect on 1 August 2016.
4. Investigations into 1MDB-Related Fund Flows through Singapore – Joint Statement by Attorney-General’s Chambers, Singapore (AGC) / Commercial Affairs Department, Singapore Police Force (CAD)/ Monetary Authority of Singapore (MAS) – Singapore, 21 July 2016 …
   1. The AGC, CAD, and MAS announced today in a joint statement that the Singapore authorities have been investigating various 1MDB-related fund flows through Singapore, for possible money laundering, securities fraud, cheating, and other offences committed in Singapore.
5. Investigations into 1MDB-Related Fund Flows through Singapore – Joint Statement by Attorney-General’s Chambers, Singapore (AGC)  / Commercial Affairs Department, Singapore Police Force (CAD) / Monetary Authority of Singapore (MAS) – Singapore, 21 July 2016 …
   1. The AGC, CAD, and MAS announced today in a joint statement that the Singapore authorities have been investigating various 1MDB-related fund flows through Singapore, for possible money laundering, securities fraud, cheating, and other offences committed in Singapore.