Singapore legislation

Regulation 12

of Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Democratic People’s Republic of Korea) Regulations 2023

Regulation 12

Prohibition against establishing, maintaining or operating any joint ventures or cooperative entities

Except with the prior written approval of the Authority, a financial institution must not establish, maintain or operate any joint venture or cooperative entity, whether new or existing, with any person in, or national of, the Democratic People’s Republic of Korea, whether or not the person or national acts for or on behalf of the Government of the Democratic People’s Republic of Korea.

Read in full context — Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Democratic People’s Republic of Korea) Regulations 2023 →