Singapore legislation

Clause 19

of Mutual Assistance in Criminal Matters (Amendment) and Other Matters Bill

Clause 19

Amendment of section 83

In the Trustees Act, in section 83 —

(a)

in subsection (1), before the definition of “effective controller”, insert —“ “authorised officer” means an authorised officer appointed under section 84B(1);“Commissioner” means the Commissioner of Trust Enforcement appointed under section 84A(1);”;

(b)

in subsection (1), in the definition of “FATF Recommendations”, replace “and the financing of terrorism” with “, terrorism financing and financing of proliferation of weapons of mass destruction”;

(c)

in subsection (1), after the definition of “FATF Recommendations”, insert —“ “financial institution” has the meaning given by section 2 of the Financial Services and Markets Act 2022;”;

(d)

in subsection (1), after the definition of “protector”, insert —“ “public officer” includes any officer of a statutory board;”;

(e)

in subsection (1), in the definition of “relevant trust party”, replace paragraph (e) with —“(e)if any person benefitting from the trust has not been determined — a class of possible beneficiaries under the trust;

(f)

a person who —

(i)

is a member of a class of possible beneficiaries under the trust; and

(ii)

is reasonably expected to benefit from the trust, whether or not because —

(A)

the person is referred to as a potential beneficiary by the settlor of the trust in a document relating to the trust such as a letter of wishes; or

(B)

the class of possible beneficiaries has narrowed for any reason;

(g)

a person who has any power (whether alone, jointly with any other person or with the consent of any other person) to —

(i)

dispose of, advance, lend, invest (other than in the capacity of an investment adviser or manager) any property that is subject to the trust;

(ii)

distribute, or approve or direct the distribution of, any property that is subject to the trust to a beneficiary;

(iii)

vary or terminate the trust;

(iv)

add or remove a person as a beneficiary or a member of a class of possible beneficiaries;

(v)

appoint or remove a trustee; or

(vi)

direct, withhold consent to or veto the exercise of a power mentioned in sub‑paragraph (i), (ii), (iii), (iv) or (v).”;

(f)

in subsection (2), replace “section 84A” with “section 84Q”; and

(g)

after subsection (2), insert —“(3) A reference to this Part includes a reference to any regulations made under section 84Q.”.

Read in full context — Mutual Assistance in Criminal Matters (Amendment) and Other Matters Bill →