29 Jun '17, 4am

IMDB scandal: Big fines not as good a deterrent as naming and shaming, says MAS

IMDB scandal: Big fines not as good a deterrent as naming and shaming, says MAS

SINGAPORE - The fines Singapore has levied on banks here for lapses related to the 1MDB scandal may pale in comparison to the billions that banks in the United States and Europe have had to fork out for similar offences, but that is because Singapore believes in punishing the individuals responsible and their supervisors to send a strong deterrent message, Monetary Authority of Singapore (MAS) managing director Ravi Menon said on Thursday (June 29). Huge fines would not hurt a bank's senior management, board of directors or individuals responsible, but instead hurt its shareholders, he said at a media conference on the release of the MAS Annual Report. "And that to me is one of the serious failings of the current regime globally. That people continue to do wrong things because they're not being held personally liable and responsible." He added: "What do we want these fines...

Full article: http://www.straitstimes.com/business/banking/1mdb-scandal...

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