Designated vessels to be subject to asset freeze
9A.—(1)  Subject to paragraph (2), any financial institution that has in its possession, custody or control in Singapore, any designated vessel must —
(a)immediately subject the designated vessel to an asset freeze; and
(b)ensure that the designated vessel is not made available, whether directly or indirectly, to or for the benefit of any person.
(2)  The requirement in paragraph (1) does not apply if the Authority gives a written notice to the financial institution or the class of financial institutions to which the financial institution belongs that the designated vessel is —
(a)necessary for the payment of —
(i)basic expenses, including any payment for foodstuff, rent, the discharge of a mortgage, medicine, medical treatment, taxes, insurance premiums and public utility charges; or
(ii)any extraordinary expenses;
(b)exclusively for —
(i)the payment of reasonable professional fees and the reimbursement of any expenses incurred in connection with the provision of legal services; or
(ii)the payment of fees or service charges imposed for the routine holding or maintenance of the designated vessel; or
(c)the subject of any judicial, administrative or arbitral lien or judgment.
(3)  Where the Authority gives a notice under paragraph (2)(c) that the designated vessel is the subject of any judicial, administrative or arbitral lien or judgment, the designated vessel may be used to satisfy such lien or judgment but only if the lien or judgment —
(a)arose or was entered before 30 November 2016; and
(b)is not, whether directly or indirectly, for the benefit of —
(i)a designated person;
(ii)any entity owned or controlled, directly or indirectly, including through illicit means, by any designated person;
(iii)any individual or entity who acts on behalf of or under the direction of any designated person;
(iv)a prohibited entity;
(v)any entity owned or controlled, directly or indirectly, including through illicit means, by a prohibited entity; or
(vi)any individual or entity who acts on behalf of or under the direction of a prohibited entity.
[S 481/2017 wef 31/08/2017]