Clause 8

by deleting the word “and” at the end of paragraph (b) of subsection (1), and by inserting immediately thereafter the following paragraph:“(ba)any person who has been convicted (whether before, on or after the date of commencement of section 8 of the Developers (Anti‑Money Laundering and Terrorism Financing) Act 2018) of any money laundering or terrorism financing offence must not hold or continue to hold a responsible position in a licensed housing developer; and”;

by deleting the words “subsection (1)” in subsection (3) and substituting the words “subsection (1)(a), (b) or (c)”; and

by inserting, immediately after subsection (3), the following subsection:“(4) Any person who contravenes subsection (1)(ba) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.”.