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Part 3A · Prevention of Money Laundering, Proliferation Financing and Terrorism Financing

12A. Prohibition against anonymous accounts

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Amended

Last amended by an amending law of 2018.

(1)

A licensed housing developer must not, in connection with any housing development carried out or undertaken by the licensed housing developer, open or maintain any account (whether or not in a Project Account) for, or hold and receive moneys from —

(a)

an anonymous source; or

(b)

a purchaser with an obviously fictitious name.

(2)

A licensed housing developer that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.

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Part 3B

Monitoring and Enforcement Powers

Part 4

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