On 21 November 2025, Singapore’s Ministry of Foreign Affairs announced the imposition of targeted financial sanctions and entry bans against four (4) Israeli settlers for their involvement in acts of violence against Palestinians in the West Bank.
On the same day, the Monetary Authority of Singapore (MAS) issued a notice setting out the sanctions measures and details of these designated individuals. Pursuant to the notice, Singapore financial institutions are prohibited from, directly or indirectly, establishing any business relations with, transacting with, providing financial assistance or services to, or transferring any funds, financial assets or resources to these designated individuals. Singapore financial institutions are also required to immediately freeze any funds, financial assets, or resources belonging to these designated individuals that are in the institutions’ possession, custody, or control, and ensure that none of such funds, financial assets, or resources are made available for the benefit of these designated individuals.
What does this mean for businesses and why does it matter?
Businesses should update their internal screening processes to reflect the new sanctions measures. Although the Notice does not impose direct obligations on businesses other than financial institutions, any transactions involving such designated individuals that are processed through a Singapore financial institution (including payments to or from such individuals) will be blocked. Further, while the scope of the current measures appears limited and does not impose direct obligations on non-financial institutions, they underscore Singapore’s increasing readiness to move beyond adopting UN Security Council resolutions and to implement autonomous sanctions as part of its foreign policy approach.
