Singapore legislation

Clause 8

of Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill

Clause 8

Amendment of section 49

In the Estate Agents Act, in section 49 —

(a)

replace subsection (6) with —“(6) Subject to subsections (7), (8), (9), (10) and (11), after considering the report and recommendations submitted under section 50(3) —

(a)

where the Council is satisfied that any of the following has been contravened:

(i)

any provision of Part 4A;

(ii)

any regulation made under section 72, or any provision of a code of practice, ethics and conduct prescribed or issued and published under section 42(1), in respect of requirements relating to the detection and prevention of money laundering, proliferation financing and terrorism financing, or for the reporting of transactions suspected of involving money laundering, proliferation financing or terrorism financing,the Council may do one or both of the following:

(iii)

impose on the licensed estate agent or registered salesperson concerned a financial penalty not exceeding $5,000 for each contravention;

(iv)

censure the licensed estate agent or registered salesperson concerned; and

(b)

where the Council is satisfied that there is any other sufficient cause apart from a contravention mentioned in paragraph (a), the Council may do one or both of the following:

(i)

impose on the licensed estate agent or registered salesperson concerned a financial penalty of any amount not exceeding $5,000;

(ii)

censure the licensed estate agent or registered salesperson concerned.”; and

(b)

in subsection (8), replace “or both” with “or all”.

Read in full context — Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill →