Singapore legislation
Clause 2
of Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill
Clause 2
Amendment of section 3
In the Estate Agents Act 2010 (called in this Part the Estate Agents Act), in section 3 —
in subsection (1), after the definition of “Council”, insert —“ “counterparty”, in relation to an acquisition or a disposition of a property for which a licensed estate agent or registered salesperson is doing estate agency work for a client, means —
where the client is a purchaser of the property — a vendor of the property; or
where the client is a vendor of the property — a purchaser of the property;”;
in subsection (1), after the definition of “president”, insert —“ “proliferation financing” means the financing of the proliferation of weapons of mass destruction;”;
in subsection (2)(a), after sub‑paragraph (ii), insert —“(iia)has been convicted of an offence involving money laundering, proliferation financing or terrorism financing (whether in Singapore or elsewhere);”; and
in subsection (2)(b), after sub‑paragraph (ii), insert —“(iia)the person has been convicted of an offence involving money laundering, proliferation financing or terrorism financing (whether in Singapore or elsewhere);”.