Singapore legislation

Clause 3

of Finance Companies (Amendment) Bill

Clause 3

Amendment of section 6

Section 6 of the principal Act is amended —

(a)

by deleting the words “five thousand dollars” in subsection (5) and substituting the words “$20,000 and in the case of a continuing offence to a further fine of $2,000 for every day during which the offence continues after conviction”; and

(b)

by inserting, immediately after subsection (5), the following subsection:“(5A) Any person who knowingly or recklessly furnishes any document or information which is false or misleading in a material particular in connection with an application for a licence falling within subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both.”.