Regulatory Alerts2018-12-07
Added
Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons — Democratic People’s Republic of Korea) Regulations 2016
The Monetary Authority of Singapore issued these regulations pursuant to section 27A(1)(b) of the MAS Act to implement asset freezing requirements and other prohibitions under UN Security Council Resolutions concerning the Democratic People’s Republic of Korea. The regulations mandate compliance from all financial institutions in Singapore, covering a broad spectrum of entities including banks, fund managers, insurers, and payment service providers. This legal framework ensures that regulated entities adhere to international sanctions regimes aimed at preventing the proliferation of weapons of mass destruction.
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