Assets of entities of Government of Democratic People’s Republic of Korea and Worker’s Party of Korea, etc., to be subject to asset freeze
10.—(1) Any financial institution that has in its possession, custody or control in Singapore, any funds, other financial assets or economic resources to which this regulation applies, must —
(a)
immediately freeze all such funds, financial assets or economic resources, as the case may be; and
(b)
ensure that such funds, financial assets or economic resources are not made available, whether directly or indirectly, to or for the benefit of any prohibited entity.
(2) This regulation applies to funds, other financial assets and economic resources which are owned or controlled, directly or indirectly, by a prohibited entity and —
(a)
which the financial institution has information that provides reasonable grounds to believe; or
(b)
which the Authority gives a written notice to the financial institution or the class of financial institutions to which the financial institution belongs,
are associated with the Democratic People’s Republic of Korea’s nuclear‑related, ballistic missile‑related, or other weapons of mass destruction‑related programmes or activities prohibited by Resolution 1718 (2006), 1874 (2009), 2087 (2013), 2094 (2013), 2270 (2016), 2321 (2016), 2356 (2017), 2371 (2017) or 2375 (2017).
[S 481/2017 wef 31/08/2017]
[S 637/2017 wef 04/11/2017]
(3) For the purposes of paragraph (2) and regulation 12(b) and (c), any funds, other financial assets or economic resources that are held by —
(a)
any entity owned or controlled, directly or indirectly, including through illicit means, by a prohibited entity; or
[S 481/2017 wef 31/08/2017]
(b)
any individual or entity who acts on behalf of or under the direction of a prohibited entity,
are treated as funds, financial assets or economic resources owned or controlled by the prohibited entity.
(4) To avoid doubt, the requirement in paragraph (1) does not apply to any funds, other financial assets or economic resources that the Authority gives a written notice to the financial institution or the class of financial institutions to which the financial institution belongs —
(a)
to be necessary for the carrying out of any activity of —
(i)
the Democratic People’s Republic of Korea’s missions to the United Nations, its specialised agencies and related organisations; or
(ii)
the Democratic People’s Republic of Korea’s diplomatic and consular missions; or
(b)
to be required for the delivery of humanitarian assistance, denuclearisation or any other purpose consistent with the objectives of Resolution 2270 (2016).