Singapore legislation
Clause 3
of Money-changing and Remittance Businesses (Amendment) Bill
Clause 3
Repeal and re-enactment of sections 5 and 6
Sections 5 and 6 of the principal Act are repealed and the following sections substituted therefor:“No person to carry on money-changing business without licence5.—
No person shall carry on or advertise that he carries on money-changing business unless he is in possession of a valid money-changer’s licence.(2) A person who contravenes 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 2 years or to both and, in the case of a continuing offence, to a fine not exceeding $1,000 for every day during which the offence continues after conviction.No person to carry on remittance business without licence6.—
No person shall carry on or advertise that he carries on remittance business unless he is in possession of a valid remittance licence.(2) A person who contravenes 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 2 years or to both and, in the case of a continuing offence, to a fine not exceeding $1,000 for every day during which the offence continues after conviction.”.