Clause 7

by inserting, immediately after paragraph (a) of subsection (2), the following paragraph:“(b)the prevention of money laundering and terrorism financing, or the reporting of transactions which may involve money laundering or terrorism financing, necessary or expedient to give effect to any relevant FATF Recommendation, including describing —

the measures which a licensed housing developer must take when preparing for or carrying out any transaction concerning a housing development; (ii)the customer due diligence measures which must be conducted by a licensed housing developer to prevent money laundering and the financing of terrorism; and

the additional measures relating to targeted financial sanctions against terrorism which a licensed housing developer must take when preparing for or carrying out any transaction concerning a housing development;”; and

by inserting, immediately after paragraph (a) of subsection (3), the following paragraph:“(aa)may prescribe such saving and transitional provisions as may be necessary or expedient;”.