Singapore legislation
Clause 8
of Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill
Clause 8
Grounds for refusing to grant or renew registration
(1)
The Registrar may refuse to grant or renew registration on any of the following grounds:
the prescribed fee for the registration or renewal is not paid;
the application for the registration or renewal —
contains materially false or misleading information; or
is materially incomplete;
the applicant for the registration or renewal is, in the opinion of the Registrar, not a fit and proper person;
the applicant has an individual in any of the following positions of the applicant who, in the opinion of the Registrar, is not a fit and proper person:
where the applicant is a company, a substantial shareholder;
a director, manager, partner, secretary or other person holding an analogous position involved in the management of the applicant;
an employee managing the applicant’s business of regulated dealing or the applicant’s business as an intermediary, as the case may be;
it is not in the public interest to grant or renew the registration.
(2)
For the purpose of determining whether or not any person is a fit and proper person under this Part, the Registrar must have regard to, and give such weight as he or she considers appropriate to, all of the following matters:
whether the person has been convicted, whether before, on or after the date of commencement of this Act —
of an offence involving fraud or dishonesty punishable with imprisonment for a term of 3 months or more, whether in Singapore or elsewhere; or
of a money laundering or terrorism financing offence;
whether the person is an undischarged bankrupt;
the person’s record of compliance with requirements for the prevention of money laundering and terrorism financing to which the person is subject under this Act or any other written law, or the law of any foreign country or territory.
(3)
To avoid doubt, the Registrar is not confined to considering the matters in subsection (2) and may take into account such other matters and evidence as may be relevant.