In 2021, Singapore attracted a record-breaking $335 billion of new investment, reflecting it as a trusted global financial hub. But after the country's reputation was damaged by a series of high-profile scandals, the Monetary Authority of Singapore (MAS) has stepped up its focus on enforcement.
In 2022, the regulator announced a record number of enforcement actions. And it seems determined to improve its ability to detect and punish misconduct even further. "Why are people coming here? Because they trust our financial system," said Peggy Pao, head of MAS's enforcement department. "You want a welcoming industry for sure, but that doesn't mean you go light.”
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