Jacqueline Loh: Gearing up for sustainable growth Keynote address by Ms Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore, at the Singapore Trustees Association Conference 2014, Singapore, 2 October 2014. *  *  *  1. Distinguished guests, ladies and gentlemen, good morning. First off, let me thank you for inviting me to join you at the third Singapore Trustees Association Conference. This Conference brings together industry professionals to discuss trends and challenges facing the trust industry, and how Singapore can stay ahead in this competitive environment. 2. It is believed that the origin of trusts dates back to the 13th century. As crusading English knights sought to protect and preserve their estates during their lengthy absence in battle, they transferred the legal ownership of their estate to a third party, usually a trusted friend, under the agreement that ownership would be transferred back upon their return. Today, some 700 years later, the key hallmark of trusts – the trust structure itself, the beneficiary and the trustee – remain unchanged. The trust structure continues to serve as an important fiduciary arrangement. It has remained relevant and reliable, through ongoing efforts by the industry in adapting and strengthening its capabilities to meet evolving needs as well as industry standards. 3. Your theme this year is therefore instructive. “Singapore: a Dynamic Trust Centre”. The Oxford Dictionary defines “dynamic” to be characterised by constant change, activity or progress.
Besides the Institute of Banking and Finance (“IBF”), certification providers like the International Compliance Training Academy and the Association of Certified Anti-Money Laundering Specialists (“ACAMS”) offer a suite of AML/CFT courses and training programmes. Such courses, where they are accredited by the IBF, are available for funding from the MAS’ Financial Sector Development Fund. So I would strongly encourage industry professionals to tap on the many resources and training avenues in order to increase knowledge and awareness of risks. 4  BIS central bankers’ speeches  Conclusion 27. Returning to the history of the origins of trusts. Such arrangements could well have been phased out at that time if the law did not recognise them. When the Crusaders returned, they often faced refusal for the return of their estate. Such disputes had to be brought before the Lord Chancellor, who found in favour of the returning Crusaders, and recognised such claims. 28. Fortunately, trusts today are built on stronger foundations than the changeable favours of Lord Chancellors. The trust industry is based on and built on reliability and professionalism. MAS partners with the industry, and will continue to do so, to further strengthen its reliability and resilience, by building a robust regime that is well-regulated, stable and trusted. This will continue to instil confidence in clients, and in our financial system. And this will keep us on the path of sustainable growth. 29. On this note, I wish all of you an engaging session and fruitful conference. Thank you. BIS central bankers’ speeches  5