[ad_1]
SINGAPORE: The Monetary Authority of Singapore (MAS) said on Tuesday (February 23) that its regular surveillance of the banking system has not found “significant funds” from Myanmar individuals and businesses in Singapore banks.
Myanmar’s military seized power earlier this month and detained leaders of the National League for Democracy (NLD) over allegations of fraud in last year’s elections that the NLD won.
Several countries, including the United States, the United Kingdom and Canada, have in recent days imposed sanctions on the Myanmar military for the coup, including freezing assets and imposing travel bans on individual members of the military.
“MAS expects financial institutions to remain vigilant for any transactions that may pose a risk to the institution, including transactions with companies and individuals subject to financial sanctions by foreign jurisdictions,” the regulator said in response to inquiries about funds from Myanmar companies and people in banks. In Singapore.
“MAS also expects financial institutions in Singapore, as always, to comply with MAS regulations that implement United Nations Security Council resolutions and protect themselves against flows of funds that could be related to illicit activities.”
The regulator added that it “closely supervises” financial institutions to verify compliance processes are in place and will take appropriate compliance actions when there are serious failures.
READ: What does the military government mean for foreign investment in Myanmar?
The European Union also approved sanctions against Myanmar’s military and its economic interests and is withholding direct financial support for the government’s reform programs.
The UN Security Council issued a statement on February 4 calling for the release of Aung San Suu Kyi and other detained leaders and emphasizing the need to defend democracy, but has not imposed sanctions for the coup.
READ: Widespread sanctions against Myanmar would cause suffering to ordinary people: Vivian Balakrishnan
Foreign Minister Vivian Balakrishnan last week urged against imposing “general sanctions” on Myanmar, saying such actions would further harm ordinary people.
Speaking in Parliament, Dr. Balakrishnan said Singapore hoped for a “peaceful resolution and national reconciliation” in Myanmar, and called for the release of Aung San Suu Kyi, President Win Myint and other leaders.
He noted that Singapore is the largest foreign investor in Myanmar, with approved cumulative investments of $ 24 billion as of December last year, and that the largest share of Singapore’s investments in Myanmar occurred in the past five years under the government of the NLD.
READ: Singapore Says Lethal Force Use In Myanmar Against Unarmed Protesters ‘Unforgivable’ After Deaths Reported
The companies made the decision to invest in Myanmar for commercial reasons and not because of “political influence or political suggestion” by the government, he said, adding that companies may have seen promising opportunities in a Myanmar undergoing a democratic transition.
“I say all of this to avoid suggestions that we should now politically interfere with business decisions,” said Dr. Balakrishnan.
