s 7–s 9 · 3 sections
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Payments in Singapore
7.—(1) Except with the permission of the Authority, no person shall do any of the following things in Singapore:(a)
make any payment to or for the credit of a person resident outside the scheduled territories;
(b)
make any payment to or for the credit of a person resident in the scheduled territories by order or on behalf of a person resident outside the scheduled territories;
(c)
place any sum to the credit of any person resident outside the scheduled territories.
(2) Where a person resident outside the scheduled territories has paid a sum in or towards the satisfaction of a debt due from him, subsection (1)(c) shall not prohibit the acknowledgement or recording of the payment.
Payments outside Singapore
8.—(1) Except with the permission of the Authority, no person shall in Singapore do any act which involves, is in association with or is preparatory to the making of any payment outside Singapore, to or for the credit of a person resident outside the scheduled territories.
(2) Nothing in this section shall prohibit the doing of anything otherwise lawful by any person with any foreign currency obtained by him in accordance with the provisions of Part 2 or retained by him in pursuance of a consent of the Authority.
Compensation deals
9.—(1) Except with the permission of the Authority, no person shall in Singapore make any payment to or for the credit of a person resident in the scheduled territories, or do any act which involves, is in association with or is preparatory to the making of any such payment outside Singapore, as consideration for or in association with —(a)
the receipt by any person of a payment made outside the scheduled territories, or the acquisition by any person of property which is outside the scheduled territories; or
(b)
the transfer to any person, or the creation in favour of any person, of a right (whether present or future, and whether vested or contingent) to receive a payment outside the scheduled territories or to acquire property which is outside the scheduled territories.
(2) Nothing in this section shall prohibit the making of any payment in accordance with the terms of a permission or consent granted under this Act.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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