Definition of “business trust”
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A business trust is a business enterprise structured as a trust. A business trust (“BT”) is a business enterprise structured as a trust....
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- MAS
- Media Releases
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- Singapore is fully committed to working with the international community to fight cross-border tax offences. We stand ready to partner the tax authorities of Australia, UK and US in the investigation of structures that may be involved in wrongdoing. We understand that the tax authorities of these countries are analysing their data to determine if such structures have been used for any wrongdoing. Singapore will assist them to the fullest extent possible under our laws and tax agreements. Our laws
- MAS
- Media Releases
Last revised date:
- Singapore, 8 May 2003. The Monetary Authority of Singapore (MAS) announced today it was awarding eight Wholesale Bank (WB) licences. The eight banks awarded the WB licences are: i. Bayerische Hypo-Vereinsbank ii. Fortis Bank iii. HSBC Republic Bank (Suisse) SA iv. Industrial and Commercial Bank of China v. Landesbank Baden-Wurttemberg vi. National Bank of Kuwait vii. Royal Bank of Scotland viii. State Street Bank and Trust Company MAS assessed applicants for the WB licences using several criteria
- MAS
- External Publications
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- The ACIP best practice papers highlight the “red flag” customer behaviours or transaction patterns that financial institutions can look out for to detect illicit financial activities. Find out more about the best practices which ACIP has recommended as best practices for financial institutions to guard the misuse of company structures for illicit purposes. AML/CFT INDUSTRY PARTNERSHIP Legal Persons Misuse Typologies and Best Practices May 2018 -------- Legal Persons
- MAS
- Media Releases
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- Singapore, 15 June 2001- MAS today issued new guidelines which will allow hedge funds to be sold to the public, subject to a minimum initial subscription of $100,000 per investor and other requirements. These guidelines were introduced in response to interest expressed by the financial industry. The intention is to provide more investment choice for those who understand the higher risks associated with the prospect of significantly higher returns from such funds. The guidelines, which have been
- MAS
- Media Releases
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- Singapore, 22 October 2008...The trustee for the Lehman Minibond Programme,HSBC Institutional Trust Services (Singapore) Ltd, informed MAS that it has today received two proposals from financial institutions who have shown interest in restructuring the notes so that they can run until maturity. Both proposals are from international financial institutions licensed by MAS to operate in Singapore. The proposals are confidential at this stage, and the details are being finalised. The final proposals
- MAS
- Parliamentary Replies
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- QUESTION NO 83 NOTICE PAPER 189 OF 2014 FOR ORAL ANSWER Date: For Parliament Sitting on 7 July 2014 Name and Constituency of Member of Parliament Mr Laurence Lien Question: To ask the Prime Minister whether the Ministry will consider introducing a law to transfer funds from dormant accounts in financial institutions to a fund that can be used for charitable and community projects. Answer by Mr Lawrence Wong, Minister for Culture, Community and Youth on behalf of Mr Tharman Shanmugaratnam, Deputy
- MAS
- Media Releases
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- Comments by MAS Spokesperson on the Petition Received by MAS on 24 Sep 2008: MAS confirms that it has received a petition from a group of Lehman Minibond investors. We understand the concerns of investors and assure them that we are taking action on the issues raised in the petition. The first issue raised is that of misrepresentation. MAS' priority is to ensure that consumers' complaints on misrepresentation are dealt with fairly and expeditiously. Financial institutions that sold the Minibond
- MAS
- Media Releases
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- Singapore, 1 October 2009...The Monetary Authority of Singapore (MAS) welcomes the announcement by the three partners of PricewaterhouseCoopers LLP appointed as receivers for the Minibond notes, and HSBC Institutional Trust Services (Singapore) Limited, the trustee for the notes, that they have reached a settlement agreement with Lehman Brothers Special Financing Inc. (LBSF), the swap counterparty for the notes. This is an important development which resolves the legal complexities that had prevented
- MAS
- Circulars
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- Informs all licensed insurers, licensed financial advisors, registered insurance brokers of the publication of best practice papers by the ICCSC. Encourages all insurers and insurance intermediaries to study the papers and adopt the best practices and recommendations as appropriate. Circular No. ID 03/22 22 March 2022 Dear Sir/Madam To Chief Executives of all Insurers, Licensed Financial Advisors, Registered Insurance Brokers PUBLICATION OF BEST PRACTICE PAPERS BY THE INSURANCE CULTURE
- MAS
- Media Releases
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- STATEMENT BY THE PRIVATE BANKING INDUSTRY GROUP Singapore, 14 April 2023…The Private Banking Industry Group (PBIG) in Singapore announced today that, contrary to statements made in a 14 April 2023 article in The Financial Times, the Monetary Authority of Singapore (MAS) has not issued any directive to banks – tacit or otherwise – to avoid discussing the origins of wealth inflows into Singapore. 2 At its most recent meeting on 20 February 2023, the PBIG noted that while public commentary tended to