Targeted Financial Sanctions

MAS gives effect to targeted financial sanctions under the UN Security Council Resolutions (UNSCRs) through MAS regulations issued pursuant to section 27A of the MAS Act  and section 83 of the VCC Act  . The regulations apply to all financial institutions and VCCs in Singapore.

Regulations for Targeted Financial Sanctions

Countries on the Watchlist Regulations Date

Democratic Republic of Congo

 

Monetary Authority of Singapore (Freezing of Assets of Persons – Democratic Republic of Congo) Regulations 2006

 

Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020

10 Mar 2006

 

14 Jan 2020

Iran

Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons – Iran) Regulations 2016

 

 

Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020

17 Jun 2016

 

14 Jan 2020

Democratic People's Republic of Korea

 Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons — Democratic People’s Republic of Korea) Regulations 2016

 

Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020

7 Dec 2018

 

14 Jan 2020

Libya

Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons – Libya) Regulations 2011

 

 

Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020

21 Apr 2015

 

14 Jan 2020

Somalia

Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons – Somalia) Regulations 2010

 

Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020

26 Nov 2010

 

14 Jan 2020

South Sudan

Monetary Authority of Singapore (Freezing of Assets of Persons – South Sudan) Regulations 2015

 

Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020

22 Dec 2015

 

14 Jan 2020

Sudan

Monetary Authority of Singapore (Freezing of Assets of Persons – Sudan) Regulations 2006

 

 

Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020

27 Sep 2006

 

14 Jan 2020

Yemen

Monetary Authority of Singapore (Freezing of Assets of Persons – Yemen) Regulations 2015

 

 

Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020

06 Mar 2015

 

14 Jan 2020

Terrorism (Suppression of Financing) Act

Terrorism (Suppression of Financing) Act

For more information on terrorist designation and countering the financing of terrorism requirements, please refer to the Ministry of Home Affairs' website: Inter-Ministerial Committee - Terrorist Designation (IMC-TD) .