Singapore legislation
Clause 39
of Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill
Clause 39
Regulations
(1)
The Minister may make regulations for carrying out the purposes and provisions of this Act.
(2)
Without limiting subsection (1), the Minister may make regulations for or with respect to all or any of the following matters:
the registration of regulated dealers;
the duties of registered dealers;
measures for the prevention of money laundering and terrorism financing by regulated dealers, including —
the customer due diligence measures which must be conducted by a regulated dealer; (ii)any additional reporting obligations by a regulated dealer; (iii)the specific risks that must be identified and assessed, and specific internal policies, procedures, controls, programmes, measures or standards that must be implemented, in order for a regulated dealer’s programmes and measures to be considered adequate for the purposes of section 19(1); and
any additional measures relating to targeted financial sanctions against terrorism or to give effect to any relevant FATF Recommendation which a regulated dealer must take;
the records that must be kept by a regulated dealer and the period for which, and manner in which, the records must be kept;
the fees to be paid in respect of any application under this Act;
to prescribe anything required or permitted to be prescribed.
(3)
Regulations made under this section may —
provide that any contravention of any provision of the regulations shall be an offence punishable with a fine not exceeding $100,000 or with imprisonment for a term not exceeding 3 years or with both; and
provide for such saving, transitional or other consequential provision as is necessary or expedient.