The Parliament of Singapore passed the Monetary Authority of Singapore (MAS) Amendment on May 11 to strengthen the central bank's supervisory powers.

Minister for Culture, Community and Youth Lawrence Wong was quoted by the Channel News Asia as saying that the amendment will ensure high integrity and trust standards in the domestic financial system amid constantly evolving threats of money laundering and terrorism financing.

Under the new provisions, the MAS will have the power to inspect financial institutions for compliance with regulations relating to Singapore's international obligations and to appoint a third party, such as an auditor, to inspect a financial institution on its behalf.

The amendments will also allow the MAS to share information with foreign supervisory counterparts.-VNA