Clause 18

by deleting paragraphs (g) and (h) of subsection (2) and substituting the following paragraphs:“(g)to prescribe the requirements to be applied by public accountants, accounting corporations, accounting firms and accounting LLPs in relation to —

the detection and prevention of money laundering or the financing of terrorism; and

the recording and reporting of transactions suspected of involving money laundering or the financing of terrorism,including any requirement necessary or expedient to give effect to any recommendation issued or adopted by the intergovernmental body known as the Financial Action Task Force relating to the prevention of money laundering and the financing of terrorism;

to prescribe the requirements in respect of professional conduct and ethics applicable to public accountants, accounting corporations, accounting firms and accounting LLPs when providing public accountancy services, other than the matters assigned to the Oversight Committee by the Authority and set out in the code of professional conduct and ethics prescribed by order under section 64AA(1)(a);

by inserting, immediately after the words “public accountants” in subsection (2)(i), the words “, accounting corporations, accounting firms and accounting LLPs”;

by inserting, immediately after paragraph (i) of subsection (2), the following paragraph:“(ia)to provide for the publication of any decision or order of the Oversight Committee made under section 38, 38H, 38I, 38J, 52 or 53;”; and

by deleting subsections (3), (4) and (5) and substituting the following subsections:“(3) In making rules for the purposes of subsection (2)(g), (h) and (ha), the Authority may adopt by reference (whether wholly or in part, and with or without modification) the following (called in this section the external material):

in the case of rules made for the purposes of subsection (2)(g) — any requirements issued or applied by any professional accountancy body or organisation, whether in Singapore or elsewhere (as in force at a particular time or from time to time) to give effect to any recommendation issued or adopted by the intergovernmental body known as the Financial Action Task Force relating to the prevention of money laundering and the financing of terrorism;

in the case of rules made for the purposes of subsection (2)(h) — any requirements in respect of professional conduct and ethics issued or applied by any professional accountancy body or organisation, whether in Singapore or elsewhere (as in force at a particular time or from time to time);

in the case of rules made for the purposes of subsection (2)(ha) — any standard, method, procedure or other requirement issued or applied by any professional accountancy body or organisation, whether in Singapore or elsewhere (as in force at a particular time or from time to time).(4) Any external material adopted by reference in any rules made for the purposes of subsection (2)(g), (h) or (ha) is to be treated as forming part of the rules.(5) Unless otherwise provided in the rules, where any external material is adopted by reference as in force from time to time, every amendment to the external material that is made by the professional accountancy body or organisation that issued or applied the material is to be treated as forming part of the rules.(6) Where any external material is adopted by reference in any rules made for the purposes of subsection (2)(g), (h) or (ha), the Authority must give notice in the Gazette stating —

that the external material is adopted by reference and the date on which the external material is adopted by reference;

that the external material is available for inspection during normal office hours, free of charge, and the place at which the external material may be inspected;

the details of where and how the external material can be obtained, free of charge; and

if copies of the external material are available in other ways, the details of where and how the copies can be accessed or obtained.(7) Where any external material adopted by reference in any rules made for the purposes of subsection (2)(g), (h) or (ha) is amended, the Authority must give notice in the Gazette stating —

that there has been an amendment to the external material and the date of the amendment;

that the external material as amended is available for inspection during normal office hours, free of charge, and the place at which the external material as amended can be inspected;

the details of where and how the external material as amended can be obtained, free of charge; and

if copies of the external material as amended are available in other ways, the details of where and how the copies can be accessed or obtained.”.