Singapore legislation

Clause 18

Purposes of this Division

The purposes of this Division are —

(a)

to enable the Authority to provide information to an AML/CFT authority of a foreign country in connection with the AML/CFT authority’s supervision of foreign financial institutions carrying on any financial activities in that country for compliance with the AML/CFT requirements of that country applicable to those institutions, including the taking of supervisory action against them for a contravention of those requirements;

(b)

to enable the Authority to provide information to a domestic authority in connection with —

(i)

an investigation into the commission or an alleged commission of an applicable offence by a person;

(ii)

an enforcement action against a person for the commission or an alleged commission of an applicable offence; or

(iii)

a supervisory action against a person regulated by the domestic authority for a contravention of an applicable AML/CFT requirement of Singapore; and

(c)

to enable an AML/CFT authority to carry out an inspection in Singapore of a financial institution over which the AML/CFT authority exercises consolidated supervision authority.

Read in full context — Financial Services and Markets Bill →