The Exchange Control Regulations Act, Revised Edition 2011, includes amendments to the Act that were in force as at 31 December 2011. The Act bestows powers on the Minister to make exchange control regulations, to exempt any person or body from its provisions and to appoint a controller, formerly called a competent authority. It also sets out penalties for violations of the regulations made under the Act.
The Exchange Control Regulations 2003 govern dealings in gold and foreign currency. The regulations also address the treatment of financial transactions between residents and non-residents involving exports and imports, the purchase, sale and transfer of property and securities, and the borrowing and lending of funds. Miscellaneous matters, such as methods of enforcement and the powers of the controller, are also included.