30 Jan '16, 4pm

Singapore lifts ban on transactions with Iran

Singapore lifts ban on transactions with Iran

Singapore has scrapped its prohibition on transactions with Iran, the latest outcome of the entry into force of Tehran’s nuclear agreement with world powers earlier this month. The Monetary Authority of Singapore said the decision to lift the ban on business with Iran took effect on January 28. The ban was slapped on Iran in June 2012 after the Western governments toughened sanctions against the Islamic Republic over its nuclear program. “The prohibition had applied to all financial institutions and individuals, as defined in section 27A(6) read with section 27A(7) of the MAS Act, from doing business with the Iranian government, its central bank, any financial institutions in Iran and a branch or subsidiary,” Platts weekly said. The ban had stopped financial institutions in Singapore from “directly or indirectly entering into, continue to participate in, arrange or facilit...

Full article: http://presstv.com/Detail/2016/01/30/447935/Iran-Singapor...

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Singapore lifts ban on transactions with Iran

Singapore lifts ban on transactions with Iran

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