Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Iran) Regulations 2023

The new Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Iran) Regulations 2023 were published on Singapore Statutes Online, the official website of the Singapore government for publicizing legal texts. The regulations set out an entirely new sanctions framework with respect to Iran based on Resolution 2231 of the United Nations (UN) Security Council relating to Iran’s production of nuclear weapons.
The regulations thereby specify
– the grounds for sanctioning individuals, entities, and bodies (designations by the UN Security Council);
– the type of sanctions that will be applied towards such persons, entities, and bodies (asset freezing and other financial restrictions);
– situations where frozen funds may be released (e.g. to meet human basic needs); and
– the financial transactions that may still be made under the new regulations such as the crediting of frozen accounts with interest payments.
Additionally, the regulations explicitly prohibit financial institutions to provide to (designated) persons and entities „financial assistance and / or
investment, brokering or other financial services, or other related services including insurance or reinsurance or to transfer funds, economic resources, financial assets or financial services“ when an institution has reasons to believe that such funds or resources are used to support Iran’s nuclear weapon program.
Finally, the regulations repeal the Monetary Authority of Singapore (Sanctions and Freezing of Assets of Persons — Iran) Regulations 2016. Any sanction measures that were in effect in the 2016 regulations will continue to apply, including licenses that were granted to individuals, firms, or organizations.