Singapore legislation
Section 7
Section 7
Payments in Singapore
(1)
Except with the permission of the Authority, no person shall do any of the following things in Singapore:
(a)
make any payment to or for the credit of a person resident outside the scheduled territories;
(b)
make any payment to or for the credit of a person resident in the scheduled territories by order or on behalf of a person resident outside the scheduled territories;
(c)
place any sum to the credit of any person resident outside the scheduled territories.
(2)
Where a person resident outside the scheduled territories has paid a sum in or towards the satisfaction of a debt due from him, subsection (1)(c) shall not prohibit the acknowledgement or recording of the payment.