§ 15 — Directions or regulations to discharge Government’s international obligations

15.—(1) The Authority may, from time to time —(a)

issue such directions to a financial institution or class of financial institutions; and

(b)

make such regulations under section 192 concerning any financial institution or class of financial institutions or relating to the activities of any financial institution or class of financial institutions,

as the Authority considers necessary in order to discharge or facilitate the discharge of any obligation binding on Singapore by virtue of a decision of the Security Council of the United Nations.

(2) A financial institution to which a direction is issued under subsection (1)(a) or which is bound by any regulations mentioned in subsection (1)(b) must comply with the direction or regulations despite any other duty imposed on the financial institution by any rule of law, written law or contract.

(3) A financial institution in carrying out any act in compliance with any direction or regulations mentioned in subsection (1), is not to be treated as being in breach of any such rule of law, written law or contract.

(4) A financial institution must not disclose any direction issued under subsection (1)(a) if the Authority notifies the financial institution that the Authority is of the opinion that the disclosure of the direction is against the public interest.

(5) A financial institution that —(a)

fails or refuses to comply with a direction issued to the financial institution under subsection (1);

(b)

contravenes any regulations mentioned in subsection (1); or

(c)

discloses a direction issued to the financial institution in contravention of subsection (4),

shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1 million.

(6) It is not necessary to publish any direction issued under this section in the Gazette.

—(1) The Authority may, from time to time —(a)

issue such directions to a financial institution or class of financial institutions; and

(b)

make such regulations under section 192 concerning any financial institution or class of financial institutions or relating to the activities of any financial institution or class of financial institutions,

as the Authority considers necessary in order to discharge or facilitate the discharge of any obligation binding on Singapore by virtue of a decision of the Security Council of the United Nations.

(2) A financial institution to which a direction is issued under subsection (1)(a) or which is bound by any regulations mentioned in subsection (1)(b) must comply with the direction or regulations despite any other duty imposed on the financial institution by any rule of law, written law or contract.

(3) A financial institution in carrying out any act in compliance with any direction or regulations mentioned in subsection (1), is not to be treated as being in breach of any such rule of law, written law or contract.

(4) A financial institution must not disclose any direction issued under subsection (1)(a) if the Authority notifies the financial institution that the Authority is of the opinion that the disclosure of the direction is against the public interest.

(5) A financial institution that —(a)

fails or refuses to comply with a direction issued to the financial institution under subsection (1);

(b)

contravenes any regulations mentioned in subsection (1); or

(c)

discloses a direction issued to the financial institution in contravention of subsection (4),

shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1 million.

(6) It is not necessary to publish any direction issued under this section in the Gazette.