Singapore legislation
Regulation 10
Regulation 10
Prohibition against entering into financial transactions or providing financial assistance or services, etc., in relation to trade
Subregulation 1
Except with the prior written approval of the Authority, a financial institution must not, directly or indirectly (including through any provider of any brokering or other intermediary services) —
enter into any financial transaction;
provide, facilitate the provision of, or procure the provision of any financial assistance or services (including but not limited to the granting of export credits, guarantees, insurance or re‑insurance);
transfer (including through a gold courier transiting to and from the Democratic People’s Republic of Korea) any financial assets or resources (including bulk cash or gold); or
transfer other assets or resources,that are associated with, or may contribute to, any trade with the Democratic People’s Republic of Korea or any person in, or national of, the Democratic People’s Republic of Korea.
Subregulation 2
In proceedings for an offence of contravening paragraph (1) —
it is not necessary for the prosecution to prove that the financial transaction, financial assistance or services, financial assets or resources, or other assets or resources (as the case may be) are associated with, or may contribute to, any trade with the Democratic People’s Republic of Korea or any person in, or national of, the Democratic People’s Republic of Korea; and
it is a defence for the financial institution to prove, on a balance of probabilities, that the financial institution did not know, and could not by the exercise of due diligence have known, that the financial transaction, financial assistance or services, financial assets or resources, or other assets or resources (as the case may be) are associated with, or may contribute to, any trade with the Democratic People’s Republic of Korea or any person in, or national of, the Democratic People’s Republic of Korea.