Singapore legislation
Clause 42
of Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill
Clause 42
Saving and transitional provisions
(1)
A person who, immediately before the date of commencement of section 6, was carrying on the business of regulated dealing, or business as an intermediary for regulated dealing, may continue to do so without being registered as if the person were a registered dealer until the earliest of the following events:
the person is registered as a registered dealer;
the person is exempted from section 6;
6 months after the date of commencement of section 6.
(2)
Sections 48I, 48J and 48K of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act and the Corruption, Drug Trafficking and Other Serious Crimes (Cash Transaction Reports) Regulations 2014 (G.N. No. S 692/2014) as in force immediately before the date of commencement of section 17, continue to apply to every person who, immediately before that date, was a prescribed person for the purposes of those sections and regulations, in respect of every cash transaction entered into by that person before that date.
(3)
For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such additional provisions of a saving or transitional nature consequent on the enactment of that provision as the Minister may consider necessary or expedient.