Singapore legislation
Regulation 9
Regulation 9
Prohibition against dealing with funds, etc., of designated person, etc.
Subregulation 1
Subject to this regulation, a person in Singapore or a citizen of Singapore outside Singapore must not deal, directly or indirectly, with any funds or other financial assets or economic resources that are owned or controlled, directly or indirectly, by or on behalf of —
a designated person;
an individual or entity that acts on behalf of or under the direction of a designated person; or
an entity owned or controlled by a designated person.
Subregulation 2
Paragraph (1) does not apply to funds or other financial assets or economic resources —
owned or controlled, directly or indirectly, by the Libyan Investment Authority or the Libyan African Investment Portfolio; and
that came into or under the possession, custody or control of the person in Singapore or the citizen of Singapore outside Singapore after 16 September 2011.
Subregulation 3
To avoid doubt, paragraph (1) continues to apply to any funds or other financial assets or economic resources —
that were owned or controlled, directly or indirectly, by the Libyan Investment Authority or the Libyan African Investment Portfolio on or before 16 September 2011;
that came into or under the possession, custody or control of the person in Singapore or the citizen of Singapore outside Singapore on or before that date; and
that are not subject to any exemption from paragraph (1) granted under regulation 18 in relation to those funds or other financial assets or economic resources.