Clause 11

In order to ascertain whether sections 5A to 5E, or any rules made under this Act for the prevention of money laundering and terrorism financing, or for the reporting of transactions which may involve money laundering or terrorism financing, necessary or expedient to give effect to any relevant FATF Recommendation, are being complied with, the Controller may, on the Controller’s own motion or upon receiving any written complaint, require a developer, or a partner or director of or other person holding a responsible position in a developer which is not an individual or a sole proprietorship —

to produce any document; or

to provide any information,to the Controller or any person appointed by the Controller.(2) The Controller or the person appointed by the Controller under subsection (1) may —

retain the document provided and make and retain copies of the document; and (b)record the information provided.(3) The Controller may use the document or information obtained as a basis, or disclose the document, information or explanation, for all or any of the following purposes: (a)an investigation of any criminal offence, and any subsequent criminal proceedings, under this Act or any other written law;

any regulatory action under section 7 of the Housing Developers (Control and Licensing) Act against a licensed housing developer.(4) A person —

who intentionally alters, suppresses or destroys any document or information which the person has been required under this section to produce or provide; (b)who, in producing any document or providing any information required under this section, makes any statement which the person knows or ought reasonably to know that, or is reckless as to whether, it is false or misleading in a material particular; or

who, without reasonable excuse, fails to do anything required of the person under subsection (1),shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.(5) Any power under this section to require a person to produce any document or to provide information includes the power —

to take reasonable steps to require the person to produce the document or provide the information immediately or at a place and time specified in writing;

to require the person to provide an explanation of the document or information;

if the document or information is not produced or provided, to require the person to state, to the best of the person’s knowledge and belief, where the document or information is; and

if the information is recorded in electronic form or otherwise than in legible form, to require the information to be made available in the form or format specified by the Controller, inspector or the person appointed by the Controller under subsection (2), or in a legible form.”.