Written reply to Parliamentary Question on hiring process of ex-offenders in the financial sector

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) how many family offices that were granted tax benefits by the Monetary Authority of Singapore are linked to the accused persons in the recent $3 billion money laundering case; and (b) whether there will be a clawback of the benefits previously accorded to these family offices.

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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