NEW REPORTING SYSTEM FOR AGENCY PROCUREMENT AUDITS
THE top management of government agencies will have to comply with a new reporting system to ensure they maintain "active oversight" of procurement audits, said Deputy Prime Minister Tharman Shanmugaratnam yesterday.
The officers, who include permanent secretaries, must each year inform the Finance Ministry of their assessment of findings on procurement audits and follow-up actions in their agencies, done both internally and by the Auditor-General.
MOST OVERSTRETCHED BORROWERS HERE ARE AFFLUENT
SINGAPORE'S household finances are generally in good shape, and even those who overleverage themselves are likely to have income levels that are above average, according to Mr Lawrence Wong, who is a director on the board of the Monetary Authority of Singapore (MAS).
About 5 to 10 per cent of borrowers here service debts amounting to more than 60 per cent of their monthly incomes, added Mr Wong, who spoke on behalf of MAS chairman Tharman Shanmugaratnam.
STIFFER PENALTIES FOR TERRORISM-FINANCING OFFENCES A BILL was passed yesterday to raise the maximum fine for those who fund terrorists or terrorist acts. The fine will be raised from $100,000 to $500,000 for individuals and to $1 million for entities, under the Terrorism (Suppression of Financing) (Amendment) Bill.
This is on top of a maximum 10-year jail term that remains unchanged.