Singapore legislation
Clause 12
of Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill
Clause 12
Recovery of financial penalties
(1)
Any registered dealer or former registered dealer who fails to pay any financial penalty imposed on the person by the date specified in the written notice under section 11(3) is liable to pay to the Registrar interest on the amount unpaid at the same rate as for a judgment debt.
(2)
Any financial penalty payable pursuant to an order under section 10, and any interest under subsection (1), is recoverable as a debt due to the Government.
(3)
The Registrar must, if directed to do so by the Minister on an appeal, and may in any other case the Registrar thinks fit, waive, remit or refund in whole or in part any financial penalty imposed or any interest due on any financial penalty.