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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Three Myanmar companies were earlier added by the US government to the so-called Specially Designated Nationals list: Cancri Gems & Jewellery Co; Myanmar Imperial Jade Co and Myanmar Ruby Enterprise.

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According to MAS, financial institutions here in Singapore, as always, are to comply with MAS regulations that implement United Nations Security Council resolutions, and guard against fund flows that could be related to illicit activities. 

“MAS closely supervises financial institutions to check that processes are in place for compliance and takes appropriate enforcement actions where there are serious lapses,” says MAS.