Prohibition against providing financial services or transferring assets or resources for nuclear-related programmes and activities, etc.
5.—(1) A financial institution must not, directly or indirectly (including through any provider of any brokering or other intermediary services) —
(a)
provide any financial services (including but not limited to the granting of export credits, guarantees, insurance or re‑insurance) or any other related services;
[S 481/2017 wef 31/08/2017]
(b)
transfer (including through a gold courier transiting to and from the Democratic People’s Republic of Korea) any financial assets or resources (including bulk cash or gold); or
(c)
transfer other assets or resources,
that may contribute to any prohibited activity of the Democratic People’s Republic of Korea.
(2) For the purposes of paragraph (1), prohibited activity includes providing technical training, advice, services, or assistance relating to the provision, manufacture, maintenance or use of items, materials, equipment, goods or technology that are —
(a)
nuclear‑related;
(b)
ballistic missile‑related; or
(c)
other weapons of mass destruction‑related.
(3) A financial institution must —
(a)
apply enhanced monitoring to prevent financial transactions; and
(b)
immediately freeze any financial assets or resources, or other assets or resources, in its possession, custody or control in Singapore,
that are associated with, or may contribute to, any prohibited activity of the Democratic People’s Republic of Korea.
(4) To avoid doubt, paragraph (3)(b) applies to all financial assets or resources, or other assets or resources that are frozen pursuant to regulation 7(3) of the Monetary Authority of Singapore (Sanctions — Democratic People’s Republic of Korea) Regulations 2009 (G.N. No. S 367/2009), revoked by these Regulations.
Informal Consolidation | Amended S 637/2017
Prohibition against providing financial services or transferring assets or resources for nuclear-related programmes and activities, etc.
5.—(1) A financial institution must not, directly or indirectly (including through any provider of any brokering or other intermediary services) —
(a)
provide any financial services (including but not limited to the granting of export credits, guarantees, insurance, re‑insurance, or the clearing or settlement of any transactions) or any other related services;
[S 481/2017 wef 31/08/2017]
[S 637/2017 wef 04/11/2017]
(b)
transfer (including through a gold courier transiting to and from the Democratic People’s Republic of Korea) any financial assets or resources (including bulk cash or gold); or
(c)
transfer other assets or resources,
that may contribute to any prohibited activity of the Democratic People’s Republic of Korea.
(2) For the purposes of paragraph (1), prohibited activity includes providing technical training, advice, services, or assistance relating to the provision, manufacture, maintenance or use of items, materials, equipment, goods or technology that are —
(a)
nuclear‑related;
(b)
ballistic missile‑related; or
(c)
other weapons of mass destruction‑related.
(3) A financial institution must —
(a)
apply enhanced monitoring to prevent financial transactions; and
(b)
immediately freeze any financial assets or resources, or other assets or resources, in its possession, custody or control in Singapore,
that are associated with, or may contribute to, any prohibited activity of the Democratic People’s Republic of Korea.
(4) To avoid doubt, paragraph (3)(b) applies to all financial assets or resources, or other assets or resources that are frozen pursuant to regulation 7(3) of the Monetary Authority of Singapore (Sanctions — Democratic People’s Republic of Korea) Regulations 2009 (G.N. No. S 367/2009), revoked by these Regulations.