Singapore MAS Chairman Gan Kim Yong: No Restrictions on ex-Offenders Being Hired in Financial Industry as Restrictions are Implemented via Prohibition Orders (Ban), Financial Institutions to Evaluate Seriousness of Past-Offence and Fit & Proper for the Role, MAS Do Not Track ex-Offenders Working in the Financial Industry
9th August 2024 | Hong Kong
Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (6/8/24) – No restrictions on ex-offenders being hired in the financial industry as restrictions are implemented via Prohibition Orders (ban). Financial institutions will need to evaluate seriousness of past-offence and fit & proper for the role. Monetary Authority of Singapore (MAS) do not track the no. of ex-offenders working in the financial industry. Gan Kim Yong (6/8/24): “The Monetary Authority of Singapore (MAS) does not restrict the hiring of ex-offenders in the financial industry in all instances. Rather, it issues prohibition orders to specific individuals who have committed serious offences or misconduct in the financial industry. These individuals are, for a period of time, barred from conducting regulated financial activities and may not take part in the management of a financial institution (FI) or act as its director. An ex-offender who has not been issued any prohibition order or an individual whose prohibition order has expired may be employed by an FI if he or she has been assessed to be fit and proper for the role. The FI may consider the seriousness and circumstances of the previous offence, and time elapsed since the offence, if relevant to the duties and responsibilities of the role. MAS does not track the number of ex-offenders hired by FIs or require FIs to inform MAS of the rejection of candidates.”
“ Singapore MAS Chairman Gan Kim Yong: No Restrictions on ex-Offenders Being Hired in Financial Industry as Restrictions are Implemented via Prohibition Orders (Ban), Financial Institutions to Evaluate Seriousness of Past-Offence and Fit & Proper for the Role, MAS Do Not Track ex-Offenders Working in the Financial Industry “
Singapore MAS Chairman Gan Kim Yong: Individuals Who Facilitated Financial & Property-Related Transactions in $2.2 Billion Money Laundering Case Will be Dealt with under Singapore Laws
Date: For Parliament Sitting on 6 August 2024
Name and Constituency of Member of Parliament
Mr Chua Kheng Wee Louis, MP, Sengkang GRC
Question:
To ask the Prime Minister and Minister for Finance (a) for each year over the last five years, what is the number of ex-offenders who have been hired for positions in (i) banks and (ii) other financial services firms respectively; (b) whether MAS reviews the grounds on which relevant persons have been rejected on the fit and proper criteria; and (c) what is the recourse for ex-offenders, who have not been issued prohibition orders under any Act administered by MAS, should they experience discrimination in the hiring process.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
1. The Monetary Authority of Singapore (MAS) does not restrict the hiring of ex-offenders in the financial industry in all instances. Rather, it issues prohibition orders to specific individuals who have committed serious offences or misconduct in the financial industry. These individuals are, for a period of time, barred from conducting regulated financial activities and may not take part in the management of a financial institution (FI) or act as its director.
2. An ex-offender who has not been issued any prohibition order or an individual whose prohibition order has expired may be employed by an FI if he or she has been assessed to be fit and proper for the role. The FI may consider the seriousness and circumstances of the previous offence, and time elapsed since the offence, if relevant to the duties and responsibilities of the role. MAS does not track the number of ex-offenders hired by FIs or require FIs to inform MAS of the rejection of candidates.
3. All employers in Singapore, including FIs, are expected to adhere to the Tripartite Guidelines on Fair Employment Practices (TGFEP). They should recruit fairly on the basis of merit and in a non-discriminatory manner. Employers may also consider previous offences, if relevant to the role that the individual is applying for. Ex-offenders who encounter discriminatory hiring by the FI can approach the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP) for advice and assistance. Where there are breaches of the TGFEP, TAFEP will require the employer to address the complaints and correct its employment practices. In egregious cases, TAFEP will report the case to the Ministry of Manpower to take further action.
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