Will Singapore be a good boy

United Oversea Bank (UOB) of Singapore has urged those who are on US targeted financial sanction (TFS) list to close their bank accounts. Monetary Authority of S'pore (MAS) pressured the bank to do so. This is confirmed info that I learned from business sources inside.

Burmese business people mostly rely on two banks in Singapore: United Oversea Bank (UOB) and Development Bank of Singapore (DBS). UOB is private bank and DBS is owned by Singapore government. It is also interesting to note that S'pore ambassador to US said the country will follow the sanction rules. The exact quote of Singapore's ambassador to the US and one-time permanent representative to the UN Chan Heng Chee is "Singapore plays by the rules. If there are sanctions, we will follow sanctions."