Clause 42

by inserting, immediately after subsection (5) of section 43, the following subsection:“(5A) To avoid doubt, this section, and section 44 in relation to an inspection under this section, do not apply to any inspection by a foreign supervisory authority of the books of any branch or office of a designated financial holding company, if —

the foreign supervisory authority is an AML/CFT authority as defined in section 152 of the Monetary Authority of Singapore Act (Cap. 186), and exercises consolidated supervision authority as defined in that section over the company; and

the inspection is solely for the purpose of such consolidated supervision.”; and

by inserting, immediately after section 53, the following section:“Application of this Part53A. This Part does not apply to any request for assistance mentioned in section 154(1) of the Monetary Authority of Singapore Act.”.