MAS Says No “Significant Funds” From Myanmar Individuals and Companies Found in S’pore Banks

Lest you’re unaware, Singapore has some hefty investments in Myanmar.

In fact, it’s reportedly the biggest foreign investor in the woe-filled country.

And though it’s far from being an anomaly in normal times, it is a particularly important notion during these tumultuous times.

And so, considering how we’ve been busy pumping money into Myanmar, it’s only rational that we would ask our own Monetary Authority of Singapore (MAS):

“So did the folks over there transfer money here too?”

Well, it appears that the answer is to our advantage.

MAS Says No “Significant Funds” From Myanmar Individuals and Companies Found in S’pore Banks

According to TODAYonline, the MAS stated that no “significant funds” have been derived from Myanmar individuals and companies in banks in Singapore.

Even so, however, MAS has warned financial institutions to stay “vigilant”.

“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,” it said.

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

The regulator will also “closely” supervise financial institutions, and will intervene if serious lapses occur.

Sanctions on Myanmar Military

The declaration comes after a highly-publicised military coup over in Myanmar, and the subsequent efforts of several countries to impose sanctions on Myanmar’s military. Apart from the freezing of assets, individual members of the military have also been handed travel bans.

These countries include the United States, the United Kingdom and Canada.

Meanwhile, The European Union (EU) is currently abstaining from granting direct financial support to government reform programmes.

As for the UN Security Council, it has since called for the release of Ms Aung San Suu Kyi and other detained leaders. No sanctions, however, have been imposed.

Somewhere closer to home, Foreign Minister Vivian Balakrishnan has vocalised his disapproval of “widespread sanctions” on Myanmar.

According to Dr Balakrishnan, such measures would affect ordinary people the most.

Instead, he expressed Singapore’s hope that “peaceful resolution and national reconciliation” in Myanmar will be achieved, and that the detained leaders will be released.

Singapore has made its disapproval of the military coup rather clear, and a local company has even cut ties with the country.

S’pore is Myanmar’s Largest Investor

As mentioned earlier on, Singapore is the biggest foreign investor in Myanmar, with cumulative approved investments of US$24 billion recorded in December 2020.

What’s more, the majority of Singapore’s investments in the country are reported to have happened within the last five years – under the National League for Democracy (NLD).

However, Dr Balakrishnan has stated that the investments were made on commercial grounds and not because of “political influence or political suggestion”.

“I say all these in order to head off suggestions that we should now interfere on political grounds with commercial decisions,” said Dr Balakrishnan.

The Ongoing Myanmar Crisis

Myanmar has remained embroiled in unrest, tensions, and anger since the military seized power on 1 Feb.

Despite tough international pressure and widespread global criticisms, the Myanmar military has denied the ousting of the elected government as being a coup. It has also condemned protestors for rousing violence and threatening civil servants.

It has justified its takeover as necessary due to unaddressed electoral fraud in the November 2020 election, in which Aung San Suu Kyi’s party, the National League of Democracy (NLD), won by a landslide. This substantiation comes after days of continued protests and a warning from the United Nations.

Furthermore, the military has promised to hand back power after a new election. Though it has not stated an exact date for this new election, it has imposed a one-year long state of emergency.

“Our objective is to hold an election and hand power to the winning party,” said Brigadier General Zaw Min Tun, spokesman for the ruling council, at the military’s first news conference since its takeover.

According to reports, Aung San Suu Kyi has since been charged two times: once for breaching import and export laws and for possession of illegal communication devices after walkie-talkies were found in her home, and the second time for the supposed violation of the country’s disaster management law.

Meanwhile, the domestic situation in Myanmar remains unstable, and angered civilians have taken to the streets ever since the military junta seized power.

In the two weeks since the 1 Feb raid, citizens residing in both big cities and rural villages alike have conducted open protests.

The Myanmar military has responded to these protests in a heavy-handed manner. Security forces have been using increasingly aggressive measures to quell large nationwide street protests, and have also implemented a disobedience campaign encouraging civil servants to fight back.

Myanmar’s youths have taken to actively demonstrating, especially online. Myanmar nationals in other countries have also joined in on the anti-coup effort from afar, and Myanmar civilians are seeing a strong bout of international support from governments around the world.

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