Singapore legislation
Section 34
Section 34
Blocked accounts
(1)
Where —
under any provision contained in Part 3 the permission of the Authority is required for the making of a payment or the placing of any sum to the credit of any person resident outside the scheduled territories; or
any payment falls to be made by an authorised dealer on the sale of any gold or specified currency by any foreign company within the meaning of section 32(1), being a sale made to comply with any requirement notified under that section,the Authority may direct that the sum payable or to be credited shall be paid or credited to a blocked account only.
(2)
Where a direction is given under subsection (1), the provisions of the Third Schedule shall have effect in relation to the payment or crediting of the sum.