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Authority may prohibit carrying out of certain orders by governments of, or residents in, other countries

Exchange Control Act 1953

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—(1) Where the Authority is satisfied that owing to the changes in the external or internal position of any country or territory, action is being, or is likely to be, taken to the detriment of the economic position of Singapore, the Authority may give general or special directions prohibiting, either absolutely or to such extent as may be specified in the directions, the carrying out, except with permission granted by the Authority, of any order given by or on behalf of the government of that country or territory or any person resident therein at the time when the directions were given or at any later time while these directions are in force in so far as the order —(a)requires the person to whom the order is given to make any payment or to part with any gold or securities; or(b)requires any change to be made in the persons to whose credit any sum is to stand or to whose order any gold or securities are to be held.(2) Where any directions are given under this section with respect to any country or territory, a branch in that country or territory of any business, whether carried on by a body corporate or otherwise, shall, for the purposes of this section, be treated in all respects as if the branch were a body corporate resident in that country or territory.

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