Regulatory Alerts2011-06-29
Added
Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons – Libya) Regulations 2011
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 Libya. The regulations mandate compliance from all financial institutions in Singapore, covering a broad spectrum of entities including banks, insurers, fund managers, and payment service providers. This legal framework ensures that designated persons and entities are subject to strict asset freezes and related prohibitions as required by international sanctions.
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