Clause 7

The Authority may, from time to time, issue such directions to a financial institution or class of financial institutions as the Authority considers necessary in order to discharge or facilitate the discharge of any obligation binding on Singapore by virtue of a decision of the Security Council of the United Nations.(2) A financial institution to which a direction is issued shall comply with it notwithstanding any other duty imposed on the financial institution by any rule of law, written law or contract; and the financial institution shall not in carrying out any act in compliance with the direction be treated as being in breach of any such rule of law, written law or contract.(3) A financial institution shall not disclose any direction issued to it if the Authority notifies the financial institution that the Authority is of the opinion that the disclosure of the direction is against the public interest.(4) A financial institution which fails or refuses to comply with a direction issued to it, or which discloses a direction issued to it in contravention of subsection (3), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.”.