Singapore legislation

Section 9

of Exchange Control Act 1953

Section 9

Compensation deals

(1)

Except with the permission of the Authority, no person shall in Singapore make any payment to or for the credit of a person resident in the scheduled territories, or do any act which involves, is in association with or is preparatory to the making of any such payment outside Singapore, as consideration for or in association with —

(a)

the receipt by any person of a payment made outside the scheduled territories, or the acquisition by any person of property which is outside the scheduled territories; or

(b)

the transfer to any person, or the creation in favour of any person, of a right (whether present or future, and whether vested or contingent) to receive a payment outside the scheduled territories or to acquire property which is outside the scheduled territories.

(2)

Nothing in this section shall prohibit the making of any payment in accordance with the terms of a permission or consent granted under this Act.

Read in full context — Exchange Control Act 1953 →