Singapore legislation

Clause 2

of Money-changing and Remittance Businesses (Amendment) Bill

Clause 2

Amendment of section 2

Section 2 of the Money-changing and Remittance Businesses Act (referred to in this Act as the principal Act) is amended —

(a)

by inserting, immediately after the definition of “Authority” in subsection (1), the following definition:“ “company” means any company incorporated under any written law for the time being in force relating to companies and includes any company incorporated outside Singapore;”; and

(b)

by deleting subsection (2) and substituting the following subsections:“(2) For the purposes of this Act, a person shall be deemed to be carrying on —

(a)

money-changing business if he offers to buy or sell any foreign currency notes; and

(b)

remittance business if he offers to transmit money on behalf of any person to another person resident in another country.(3) In this Act, a reference to a document or record shall include a reference to any or part of any —

(a)

document or record kept on any magnetic, optical, chemical or other medium;

(b)

map, plan, graph, picture or drawing; and

(c)

film (including a microfilm and microfiche), negative, disc, tape, sound track or any other device in which one or more visual images, sounds or other data are embodied so as to be capable (with or without the aid of some other equipment) of being reproduced therefrom.”.

Read in full context — Money-changing and Remittance Businesses (Amendment) Bill →