MAS says checks show no significant funds from Myanmar firms, individuals in Singapore banks

MAS said it expects financial institutions in Singapore to comply with regulations that implement UN Security Council resolutions.
MAS said it expects financial institutions in Singapore to comply with regulations that implement UN Security Council resolutions.PHOTO: ST FILE

SINGAPORE - The Monetary Authority of Singapore (MAS) said on Tuesday (Feb 23) that its regular surveillance of the banking system has not found significant funds from Myanmar companies and individuals in banks in Singapore.

In response to media queries, the authority said in a statement: "MAS expects financial institutions to remain vigilant to any transactions that could pose risks to the institution, including dealings with companies and individuals subject to financial sanctions by foreign jurisdictions. 

"MAS also expects financial institutions in Singapore, as always, to comply with MAS regulations that implement United Nations Security Council resolutions, and guard against fund flows that could be related to illicit activities. MAS closely supervises financial institutions to check that processes are in place for compliance and takes appropriate enforcement actions where there are serious lapses."