Singapore legislation
Section 83
Section 83
Interpretation of this Part
(1)
In this Part —
Definition
“effective controller”, in relation to a relevant trust party of a relevant trust, means —
the individual who ultimately owns or controls the relevant trust party; or
the individual on whose behalf a transaction is being conducted by the relevant trust party in the relevant trust party’s capacity as such,and includes an individual who exercises ultimate effective control over the relevant trust party;
Definition
“FATF” means the intergovernmental body known as the Financial Action Task Force;
Definition
“FATF Recommendations” means the recommendations issued by the FATF from time to time relating to the prevention of money laundering and the financing of terrorism;
Definition
“Global Forum” means the international body known as the Global Forum on Transparency and Exchange of Information for Tax Purposes;
Definition
“protector”, in relation to a trust, means a person who, under the instrument creating the express trust, has any control over how a trustee of the trust administers the trust;
Definition
“relevant trust” means a trust to which this Part applies;
Definition
“relevant trust party”, in relation to a trust, means all or any of the following:
a settlor;
a trustee;
a protector;
a beneficiary;
a person who has any power over the disposition of any property that is subject to the trust.
(2)
For the purposes of the definition of “effective controller”, subject to regulations made under section 84A, the references to “ultimately owns or controls” and “ultimate effective control” refer to situations in which an individual ultimately owns or controls, or exercises ultimate effective control, over a relevant trust party, including where the individual’s ownership or control (as the case may be) of the relevant trust party is exercised through a chain of ownership or by means of indirect control.