JAKARTA - The Singapore Central Bank (Monetary Authority of Singapore - MAS) revealed that there were no significant funds from companies or individuals related to Myanmar in the Singapore banking system, based on the results of routine supervision.
This was conveyed in connection with the news that there were billions of US dollars of funds belonging to the Myanmar military that were stored abroad. Where some of them are said to be in banks in Singapore.
"MAS is closely watching financial institutions to check that processes are in place for compliance and to take appropriate enforcement action, where there are serious irregularities", the Singapore Central Bank told SCMP.
The Central Bank of Singapore also said that financial institutions in Singapore comply with MAS regulations that implement UN Security Council resolutions and anticipate an influx of funds that may be related to illicit activities.
The Central Bank of Singapore said it obliged financial institutions in Singapore to remain vigilant against any transactions that could pose a risk, including transactions with individuals and companies that are subject to financial sanctions by foreign jurisdictions.
Singapore is the largest source of foreign direct investment to Myanmar, which cumulatively accounts for $ 24.1 billion. The Singapore government says most of the investment came during the reign of the National League for Democracy (NLD), the political party led by Aung San Suu Kyi that the Myanmar military detained in a February 1 coup.
It is known that the Justice for Myanmar (JFM) activist group reported that the Myanmar military-controlled US $ 5.7 billion (8.03 kyats) in foreign currency reserves, and had access to the global financial system after the coup.
Launching The Irrawaddy, JFM said it had received credible intelligence that some of the funds were held in commercial banks in Singapore, including DBS, OCBC, and UOB.
Following the report, thousands of social media users on Facebook and Twitter sued Singapore to freeze the reserves, saying generals should be prevented from gaining access to the country's foreign assets and using the international banking system to defend their unlawful acts.
The JFM itself urged countries to freeze all Myanmar assets, saying the reserves could be used to maintain military rule in Myanmar. The JFM also urged countries to stop all business with military banks in Myanmar.
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