30 May 2018
The Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons - Democratic People’s Republic of Korea) (Amendment) Regulations 2018 (“Amendment Regulation”) has been gazetted and came into effect on
4 May 2018.
The main amendment brought about by the Amendment Regulations is the insertion of a new provision titled “Prohibition against entering into financial transactions or providing financial assistance or services, etc., in relation to vessels used, etc., to ship any designated import item or designated export item”.
This provision states that except with the Monetary Authority of Singapore’s (“MAS”) prior written approval, a financial institution (“FI”) must not enter into any financial transaction or facilitate, provide or procure any financial assistance or service to a person if the FI has reasonable grounds to believe that the transaction, assistance or service relates to any vessel used or intended to be used to ship items procured from or by the Democratic People’s Republic of Korea or its nationals or any person on its territory. This prohibition extends to such transaction, assistance or service rendered through any provider of any brokering, or other intermediary, services.