Singapore will stop arms transfers without blocking legitimate trade with Myanmar: MFA

SINGAPORE – Singapore will continue with efforts to prevent the Myanmar junta from accessing military supplies through the Republic while being mindful about not blocking legitimate trade and transactions with Myanmar as that will hurt civilians there, the Ministry of Foreign Affairs said on June 28.

The report, which lauded the city-state for its decisive action in clamping down on both the export of military materials from Singapore and the facilitation of arms transactions by banks here, called for financial institutions to “terminate or freeze all financial relationships with Myanmar’s state-owned banks” while “ enhanced due diligence on all business relationships and transactions related to Myanmar”.

It added: “At the same time, it is not the intention of the Singapore Government to block legitimate trade with Myanmar. Special Rapporteur Andrews’ findings underscore the effectiveness of Singapore’s policy, especially through the measures imposed by Singapore financial institutions .” It noted that the Monetary Authority of Singapore had published a circular in August 2023 providing banks with additional guidance on the measures they should incorporate to better detect and manage sanctions-related risks.

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