6. The principal Regulations are amended by inserting, immediately after regulation 7, the following regulations:“Prohibition against provision of financial services |
8.—(1) No financial institution shall —(a) | provide any financial services or other related services, including insurance or re-insurance; or | (b) | transfer funds or financial assets, or other assets or resources, |
where the financial institution has information that provides reasonable grounds to believe that such services, assets or resources could contribute to the proliferation-sensitive nuclear activities, or the development of nuclear weapon delivery systems, of Iran. |
(2) Every financial institution shall apply enhanced monitoring to prevent financial transactions that could contribute to the proliferation-sensitive nuclear activities, or the development of nuclear weapon delivery systems, of Iran. |
(3) Any financial institution which, on or after 6th August 2010, has in its possession, custody or control in Singapore, any funds or financial assets, or other assets or resources, that are related to the proliferation-sensitive nuclear activities, or the development of nuclear weapon delivery systems, of Iran, shall immediately freeze all such funds, assets or resources. |
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Duty to exercise vigilance |
9.—(1) Every financial institution shall exercise vigilance when doing business with any prohibited person, where the financial institution has information that provides reasonable grounds to believe that such business could —(a) | contribute to the proliferation-sensitive nuclear activities, or the development of nuclear weapon delivery systems, of Iran; or | (b) | violate Resolutions 1737 (2006), 1747(2007), 1803(2008) or 1929(2010). |
(2) In paragraph (1), “prohibited person” means —(a) | any entity incorporated in Iran or subject to the jurisdiction of Iran, including those of the Islamic Revolutionary Guard Corps (also known as “Army of the Guardians of the Islamic Revolution”) and the Islamic Republic of Iran Shipping Lines; | (b) | any entity owned or controlled by any entity referred to in sub-paragraph (a); or | (c) | any individual or entity acting on behalf of or at the direction of any entity referred to in sub-paragraph (a). |
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Prohibition against opening subsidiary, representative office, etc. |
10.—(1) No financial institution shall —(a) | open any subsidiary, representative office or bank account in Iran; or | (b) | establish a joint venture, take an ownership interest in or establish or maintain a correspondent relationship, with any Iranian bank, |
where the financial institution has information that provides reasonable grounds to believe that such activity could contribute to the proliferation-sensitive nuclear activities, or the development of nuclear weapon delivery systems, of Iran.”. |
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[G.N. No. S 267/2008] |