Regulatory Alerts2010-11-23
Added
Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons – Eritrea) Regulations 2010
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 Eritrea. The regulations mandate strict compliance from all financial institutions in Singapore, covering a broad spectrum of entities including banks, insurance providers, fund managers, and payment service operators. This legal framework ensures that designated persons and entities linked to Eritrea are subject to asset freezes and related sanctions within the Singapore jurisdiction.
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