The financial watchdog’s focus on enforcement is crucial to the country’s ambition to be a trusted global financial hub where investors park trillions of dollars, the bulk from overseas. Singapore attracted a record $448 billion of new money in 2021, based on the latest available figures from the MAS.
Singapore has a tough message for financiers running afoul of its rules.
“Why are people coming here? Because they trust our financial system,” said Peggy Pao, head of the enforcement department at the Monetary Authority of Singapore. “You want a welcoming industry for sure, but that doesn’t mean you go light.”
