Singapore legislation

Regulation 9

of Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Libya) Regulations 2023

Regulation 9

Duty to exercise vigilance

Every financial institution must exercise vigilance when doing business with —

(a)

any entity incorporated in, or subject to the jurisdiction of, the Libyan Arab Jamahiriya;

(b)

any individual or entity who acts on behalf of or under the direction of any entity mentioned in paragraph (a); or

(c)

any entity owned or controlled, directly or indirectly, by any entity mentioned in paragraph (a),if the financial institution has information from the Authority or other information that provides reasonable grounds to believe that the business could contribute to violence and the use of force against civilians.

Read in full context — Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Libya) Regulations 2023 →