Singapore legislation
Regulation 7
Regulation 7
Prohibition against provision of financial services
Subregulation 1
A financial institution must not directly or indirectly (including through any provider of any brokering or other intermediary services) —
provide any financial services (including but not limited to the granting of export credits, guarantees or insurance) or any other related services to any person; or
transfer any funds, other financial assets or economic resources to any person,where the financial institution has information that provides reasonable grounds to believe that the provision or the transfer relates to crude oil from Libya that is or was transported aboard a vessel that has been designated under paragraph 11 of Resolution 2146 (2014).
Subregulation 2
Every financial institution which has in its possession, custody or control in Singapore, any funds, other financial assets or economic resources that relate to crude oil mentioned in paragraph (1) must immediately —
freeze those funds, assets or resources; and
ensure that those funds, assets or resources are not made available, whether directly or indirectly, to or for the benefit of any person.