Singapore legislation

Clause 4

of Prevention of Proliferation Financing and Other Matters Bill

Clause 4

Amendment of section 2

In the PSPM Act, in section 2 —

(a)

in the definition of “asset‑backed token”, in paragraph (a), delete “and” at the end;

(b)

in the definition of “asset‑backed token”, after paragraph (b), insert —“(c)digital payment tokens within the meaning of the Payment Services Act 2019; and

(d)

any token, certificate or other instrument that may be prescribed;”;

(c)

after the definition of “company”, insert —“ “compliance officer” means an employee or officer in a management position of a regulated dealer who is responsible for ensuring that the regulated dealer complies with the measures under this Act for —

(a)

the prevention of money laundering;

(b)

the prevention of terrorism financing; and

(c)

the prevention of the financing of proliferation of weapons of mass destruction;”;

(d)

in the definition of “FATF Recommendations”, replace “relating to the prevention of money laundering and the financing of terrorism;” with —“relating to —

(a)

the prevention of money laundering;

(b)

the prevention of terrorism financing; and

(c)

the prevention of the financing of proliferation of weapons of mass destruction;”;

(e)

delete the definition of “money laundering or terrorism financing offence”;

(f)

in the definition of “precious product”, replace paragraph (b) with —“(b)that satisfies either of the following:

(i)

at least 50% of the value of the jewellery, watch, apparel, accessory, ornament or other finished product (or other percentage of value prescribed in substitution) is attributable to the precious stone or precious metal or both;

(ii)

the jewellery, watch, apparel, accessory, ornament or other finished product is priced above the prescribed value,”; and

(g)

after the definition of “regulated dealing”, insert —“ “relevant offence” means an offence under —

(a)

Part 2, 3 or 5;

(b)

sections 50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992;

(c)

the Terrorism (Suppression of Financing) Act 2002;

(d)

any regulations made under the United Nations Act 2001;

(e)

any provision of any other written law relating to —

(i)

the prevention of money laundering;

(ii)

the prevention of terrorism financing; or

(iii)

the prevention of the financing of proliferation of weapons of mass destruction; or

(f)

the law of any foreign country or territory relating to —

(i)

the prevention of money laundering;

(ii)

the prevention of terrorism financing; or

(iii)

the prevention of the financing of proliferation of weapons of mass destruction;”.

Read in full context — Prevention of Proliferation Financing and Other Matters Bill →