Singapore legislation

Regulation 9

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

Regulation 9

Prohibition against entering into financial transactions or providing financial assistance or services, etc., in relation to vessels used, etc., to ship any designated import item or designated export item

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) —

(a)

enter into any financial transaction with; or

(b)

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) to,a person if the financial institution has information that provides reasonable grounds to believe, or the Authority gives a written notice to the financial institution or the class of financial institutions to which the financial institution belongs, that the financial transaction, or financial assistance or services, relates to any vessel that is used or intended to be used to ship any item specified in paragraph (2).

Subregulation 2

For the purposes of paragraph (1), the items are —

(a)

any designated import item procured from; or

(b)

any designated export item procured by,the Democratic People’s Republic of Korea or any person in, or national 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 →