Singapore legislation
Clause 35
of Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill
Clause 35
Codes of practice, guidelines and standards of performance
(1)
The Registrar may from time to time issue, approve, amend or revoke one or more codes of practice, guidelines or standards of performance for all or any of the following purposes:
to provide guidance to regulated dealers in relation to the operation or administration of any provision of this Act;
to set out best practices for regulated dealers with respect to measures for the prevention of money laundering and terrorism financing, and for giving effect to the relevant FATF Recommendations.
(2)
If any provision in any code of practice, guideline or standard of performance is inconsistent with this Act, such provision, to the extent of the inconsistency, does not have effect.
(3)
Where a code of practice, guideline or standard of performance is issued, approved, amended or revoked by the Registrar under subsection (1), the Registrar must —
publish a notice of the issue, approval, amendment or revocation (as the case may be) in such manner as will secure adequate publicity for such issue, approval, amendment or revocation;
specify in the notice the date of the issue, approval, amendment or revocation (as the case may be); and
ensure that, so long as the code of practice, guideline or standard of performance remains in force, copies of that code, guideline or standard, and of all amendments to it, are available free of charge to any regulated dealer to whom that code, guideline or standard applies.
(4)
No code of practice, guideline or standard of performance, or amendment or revocation, has any effect until the notice relating to it is published in accordance with subsection (3).
(5)
Any code of practice, guideline or standard of performance has no legislative effect.
(6)
Any failure by a regulated dealer to comply with any code of practice, guideline or standard of performance applicable to the regulated dealer does not of itself render the regulated dealer liable to criminal proceedings, but the failure may, in any proceedings (criminal or otherwise), be relied on by any party to those proceedings as tending to establish or negate any liability which is in question in those proceedings.