This update provides an overview of the Protection from Scams Bill which will empower specified officers to issue a Restriction Order to banks to restrict the banking transactions of an individual, if there is reason to believe that the individual will make transactions to a scammer.

More measures on longer-term development and growth will be presented later this year.

A new entity will be set up to consolidate the administration and governance of Singapore’s national payment schemes.

This update looks at the scope and safeguards of the Protection from Scams Bill passed in Parliament on 7 January which will give the police powers to issue restriction orders to banks, which will then restrict the banking transactions of an individual’s accounts.

This update highlights key aspects of the Protection from Scams Bill, such as the basis and impact of restriction orders issued by specified police officers, and the potential risks for banks.

Drew & Napier is leading action by investors who saw their investments wiped out when CS AT1 bonds were written down as part of takeover by UBS.

Gujarat International Finance Tec-City (“GIFT City”) is an emerging player in the aviation industry, aiming to position itself as a significant alternative in international financial services. This article explores and compares the tax incentives and legal frameworks offered by Singapore and GIFT city for aircraft financing.

Gujarat International Finance Tec-City (“GIFT City”) in India and Singapore are prominent financial hubs offering distinct advantages in ship financing. This article sets out a comparative analysis of their regulatory framework, tax incentives and dispute resolution mechanisms.

Naturalised Singaporean Wang Junjie, 42, is the second Singaporean to be charged over the money laundering case.

The fourth quarter of 2024 and start of 2025 saw several developments that may impact the Singapore lending market. This update highlights developments relating to (i) the Enterprise Financing Scheme, (ii) the Multi-Jurisdiction Common Ground Taxonomy, (iii) the Financing Asia’s Transition Partnership and (iv) the launch of green loan provisions by the Loan Market Association.

MAS Response Date: 13 January 2025

Effective: 13 January 2025

On 29 November 2024, the Monetary Authority of Singapore announced changes affect real estate investment trusts (REITs): the imposition of a minimum interest coverage ratio (ICR) of 1.5 times and a single aggregate leverage limit of 50% on all REITs, and a requirement  on REITS to perform and disclose sensitivity analyses on the impact of changes in EBITDA and interest rates on their ICR in their financial result announcements and annual reports. This update briefly discusses the above requirements.