Prohibition against entering into financial transactions or providing financial assistance or services, etc., in relation to designated vessels
7A.—(1) A financial institution must not, directly or indirectly (including through any provider of any brokering or other intermediary services) —
(a)
enter into any financial transaction with (including the enforcement or recovery of any security interest or lien); or
(b)
provide, facilitate the provision of, or procure the provision of any financial assistance or services (including but not limited to the granting of export credits, guarantees, insurance or re‑insurance) to,
a person if the financial transaction, or financial assistance or services relates to a designated vessel.
[S 791/2018 wef 07/12/2018]
(2) In proceedings for an offence of contravening paragraph (1) —
(a)
it is not necessary for the prosecution to prove that the financial institution knew or had reason to believe that the financial transaction, or financial assistance or services (as the case may be) relate to a designated vessel; and
(b)
it is a defence for the financial institution to prove, on a balance of probabilities, that the financial institution did not know, and could not by the exercise of due diligence have known, that the financial transaction, or financial assistance or services (as the case may be) relate to a designated vessel.