Relevant Information from Monetary Authority of Singapore on Anti-Money Laundering and Counter Financing of Terrorism
The Monetary Authority of Singapore ('MAS') has set up a webpage on targeted financial sanctions at www.mas.gov.sg/Regulations-and-Financial-Stability/Anti-Money-Laundering-Countering-The-Financing-Of-Terrorism-And-Targeted-Financial-Sanctions/Targeted-Financial-Sanctions.aspx
This webpage aims to inform financial and non-financial institutions, and individuals of their obligations under the various domestic legislation enacted to ensure that Singapore complies with its obligations under the United Nations Security Council Resolutions.
As a member of the United Nations ('UN'), Singapore gives effect to the sanctions under the UN Security Council Resolutions. The sanctions are made legally binding through the Regulations issued pursuant to the UN Act ('UN Regulations').
All persons in Singapore have to comply with the UN Regulations. Among other provisions, the UN Regulations prohibit persons in Singapore from dealing with UN-designated individuals and entities. Please refer to MAS' webpage on targeted financial sanction for more information on your obligations under the UN Regulations. Any breach of the regulations could subject an individual to a fine not exceeding $500,000 or to imprisonment for a term not exceeding 10 years or to both; or in any other case, to a fine not exceeding $1 million.
You may subscribe to the AML/CFT and Targeted Financial Sanctions section of the MAS website. Doing so will alert you to changes to the lists of UN designated individuals and entities, and help you stay abreast of other relevant announcements, such as high risk jurisdictions identified by the Financial Action Task Force ('FATF').