Singapore legislation

Clause 54

Penalty for destroying, concealing or altering records, etc.

(1)

Any person who, with intent to prevent, delay or obstruct the carrying out of any examination and audit under this Part —

(a)

destroys, conceals or alters any book relating to the business of a licensed financial adviser; or

(b)

sends, or conspires with any other person to send, out of Singapore, any book or asset of any description belonging to, in the possession of or under the control of the licensed financial adviser,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.

(2)

If, in any proceedings for an offence under subsection (1), it is proved that the person charged with the offence —

(a)

destroyed, concealed or altered any book referred to in subsection (1)(a); or

(b)

sent or conspired to send, out of Singapore, any book or asset referred to in subsection (1)(b),the onus of proving that, in so doing, he did not act with intent to prevent, delay or obstruct the carrying out of an examination and audit under this Part shall lie on him.

Read in full context — Financial Advisers Bill →