Clause 9

by inserting, immediately after the definition of “Building Authority”, the following definition:“ “building project” means a building project consisting of any commercial property;”;

by inserting, immediately after the definition of “Controller”, the following definitions:“ “developer” means any person who, in the course of business, undertakes —

the construction of commercial property for the purpose of sale by the person; and

the sale by the person of land which would be appurtenant to such commercial property;“FATF” means the intergovernmental body known as the Financial Action Task Force;“FATF Recommendations” means the recommendations issued by the FATF from time to time relating to the prevention of money laundering and the financing of terrorism;”; (c)by inserting, immediately after the definition of “lot”, the following definitions:“ “money laundering or terrorism financing offence” means an offence under —

sections 43 to 48 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A);

the Terrorism (Suppression of Financing) Act (Cap. 325);

any regulations made under the United Nations Act (Cap. 339);

section 5A(5), 5B(5), 5C(6), 5D(2) or 5E(4) 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; or

section 12A(2), 12B(3), 12C(5), 12D(2), 12E(6) or 12F(2) of the Housing Developers (Control and Licensing) Act (Cap. 130) or any rules made under that 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;“purchaser”, in relation to a developer, means a person —

to whom the developer grants an option to purchase from the developer any commercial property in a building project undertaken by that developer; or

who agrees to purchase from the developer any commercial property in a building project undertaken by that developer, and includes a prospective purchaser;”; and

by deleting the full-stop at the end of the definition of “stratum” and substituting a semi‑colon, and by inserting immediately thereafter the following definition:“ “substantial shareholder”, in relation to a company, has the meaning given by section 81 of the Companies Act.”.