Prohibition against provision of certain financial services
7.—(1) No financial institution shall, 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 or insurance) or any other related services; or
(b)
transfer financial assets or resources (including but not limited to bulk cash), or other assets or resources,
that could contribute —
(i)
to the nuclear-related, ballistic missile-related, or other weapons of mass destruction-related programmes or activities of the Democratic People’s Republic of Korea; or
(ii)
to the evasion of any measures imposed by Resolutions 1718 (2006), 1874 (2009), 2087 (2013) and 2094 (2013) of the Security Council of the United Nations.
[S 632/2013 wef 02/10/2013]
(2) Every financial institution shall apply enhanced monitoring to prevent financial transactions that are associated with the nuclear-related, ballistic missile-related, or other weapons of mass destruction-related programmes or activities of the Democratic People’s Republic of Korea.
[S 632/2013 wef 02/10/2013]
(3) Any financial institution which, on or after 13th August 2009, has in its possession, custody or control in Singapore, any financial assets or resources, or other assets or resources that are associated with the nuclear-related, ballistic missile-related, or other weapons of mass destruction-related programmes or activities of the Democratic People’s Republic of Korea, shall immediately freeze all such assets or resources.