The Monetary Authority of Singapore (MAS) maintains watchlists, in relation to both domestic and United Nations sanctions. These watchlists are of individuals and entities designated under the United Nations Act (“UN Act”) and the Terrorism (Suppression of Financing) Act (“TSOFA”).
All natural and legal persons in Singapore must screen these lists before engaging in any business or commercial activity. MAS' domestic designations are put together by the Inter-Ministry Committee on Terrorist Designation (“IMC-TD”). The IMC-TD acts as Singapore’s authority relating to the designation of terrorists. The IMC-TD was formed in 2012 to act as Singapore's authority for the designation of terrorists.
Designation prohibits any person or entity from dealing with or providing any financial assistance to designated terrorists, as required under TSOFA. This Committee consists of members from the Ministry of Home Affairs, Commercial Affairs Department/Singapore Police Force, Ministry of Foreign Affairs, Monetary Authority of Singapore, and Attorney-General's Chambers.