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  • Business - Economy
  • Updated: March 14, 2022

Singapore To Follow US, EU, UK With Targeted Financial Sanctions On Russia

Singapore To Follow US, EU, UK With Targeted Financial Sanct

Singapore's central bank has revealed specifics of targeted financial penalties on Russia as part of the city-bigger state's package of unilateral sanctions prompted by the Ukraine crisis.

Bloomberg reports that a statement from the Singapore Monetary Authority said that the restrictions would apply to all financial institutions in the island republic.

This includes banks and other financial institutions, insurers, capital market intermediaries, stock exchanges, and payment service providers.

Under the MAS Act, a financial institution that breaks its rules is guilty of an offense and can be fined up to S$1 million ($733,654) if it is found guilty.

Singapore's central bank stated that bans on digital payment token transactions include, among other things, offering the purchase, sale, or exchange of such tokens, as well as brokering or arranging to finance for related operations.

"These sanctions place an added compliance burden on crypto firms in Singapore in the same way they do on other financial institutions," said Hagen Rooke, a partner at law firm Reed Smith LLP in Singapore.

"The main upshot from a crypto perspective seems to be that Russian entities and individuals can’t resort to crypto transactions to circumvent the Singapore sanctions they are subject to."

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