Singapore legislation
Clause 21
of Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill
Clause 21
Disclosure of suspicious transactions, etc.
(1)
A regulated dealer must, if circumstances exist that require the regulated dealer to do so, make a disclosure under whichever of the following is applicable: (a)section 39(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act;
section 8 or 10 of the Terrorism (Suppression of Financing) Act.
(2)
A regulated dealer must, at the time of disclosing a matter under subsection (1) or immediately thereafter, submit a copy of the information so disclosed to the Registrar.
(3)
A regulated dealer who fails to comply with subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.