No "significant" funds from Myanmar in Singapore banks, says MAS

As part of its “regular surveillance” of the banking system, Singapore’s central bank has not found “significant” funds belonging to Myanmar companies and individuals stashed in banks here.

“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,” says the Monetary Authority of Singapore, in response to media queries.

On Feb 1, a military coup took place in Myanmar. On Feb 22 the US slapped sanctions on two members of the new ruling State Administrative Council – General Maung Maung Kyaw and Lieutenant General Moe Myint Tun.

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