Financial Services and Markets (Amendment) Bill · cl 7

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cl 7Amendment of section 17

In the principal Act, in section 17(1), replace the definitions of “AML/CFT authority” and “AML/CFT requirement” with —“ “AML/CFT/CPF authority” or Anti‑Money Laundering/Countering the Financing of Terrorism/Countering Proliferation Financing authority means a public authority of a foreign country which is responsible for the supervision of foreign financial institutions in that foreign country;“AML/CFT/CPF requirement” or Anti‑Money Laundering/Countering the Financing of Terrorism/Countering Proliferation Financing requirement —

(a)

in relation to a foreign country, means a law or regulatory requirement of that foreign country for the detection or prevention of money laundering, the financing of terrorism or proliferation financing; or

(b)

in relation to Singapore, means a written law, or a regulatory requirement imposed under a written law, for the detection or prevention of money laundering, the financing of terrorism or proliferation financing;”.