Singapore legislation
Clause 22
of Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill
Clause 22
Power to give directions
(1)
The Registrar may give a written direction mentioned in subsection (2) to a regulated dealer in respect of that part of the regulated dealer’s business of regulated dealing or business as an intermediary for regulated dealing conducted in Singapore, where the Registrar considers that —
the regulated dealer has carried on or is carrying on business in a manner that carries a risk of money laundering or terrorism financing; (b)a money laundering or terrorism financing offence is being committed; or
it is necessary or expedient for the prevention of money laundering or terrorism financing for the written direction to be given.
(2)
The Registrar may give a written direction to require the regulated dealer to do one or more of the following:
to stop or terminate its regulated dealing, or a particular transaction, with a particular customer;
to stop a particular employee or individual from conducting any part of the regulated dealer’s business as a regulated dealer;
to do or refrain from doing anything specified in the written direction to mitigate the risk mentioned in subsection (1)(a) or to stop the commission of the offence mentioned in subsection (1)(b);
at the regulated dealer’s own cost, to appoint an auditor to carry out an audit of the regulated dealer’s compliance with the measures for the prevention of money laundering and terrorism financing under this Act, including an audit of such matters as the Registrar may specifically require for that purpose;
to take specified measures to comply with this Act or to remedy any contravention of or non‑compliance with this Act to which the direction relates.
(3)
Before giving a written direction under subsection (1), the Registrar must, unless it is not practicable or desirable to do so in the circumstances of the case, give the regulated dealer concerned an opportunity to be heard.
(4)
To avoid doubt, a written direction under subsection (1) need not be published in the Gazette.
(5)
A regulated dealer who fails to comply with a written direction given to the regulated dealer under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.