14. Additional measures relating to targeted financial sanctions

A licensed housing developer must, at the relevant time specified in rule 4(1), take reasonable measures to assess whether any relevant person in a transaction or any person acting on behalf of the purchaser is —

a terrorist or terrorist entity under the Terrorism (Suppression of Financing) Act 2002;

a designated person as defined in any regulations made under the United Nations Act 2001; or

a person suspected of, or at risk of, facilitating money laundering, proliferation financing or terrorism financing who is specified by the Controller in any written notice issued by the Controller.

If at any time a licensed housing developer has reason to suspect that the circumstances in paragraph (1)(a), (b) or (c) exist, the licensed housing developer —

must not do any of the following relating to any housing accommodation in a building project undertaken by the housing developer: (i)grant to the purchaser an option to purchase a unit of the housing accommodation;

accept any sum of money (including any booking fee) from or on behalf of the purchaser in relation to the intended purchase of any such unit;

enter into a sale and purchase agreement with the purchaser for a unit of the housing accommodation; and (b)must disclose the suspicion, or the information on which the suspicion is based, by filing a suspicious transaction report.

A licensed housing developer must, at the relevant time specified in rule 4(1), take reasonable measures to assess whether any relevant person in a transaction or any person acting on behalf of the purchaser is —

a terrorist or terrorist entity under the Terrorism (Suppression of Financing) Act 2002;

a designated person as defined in any regulations made under the United Nations Act 2001; or

a person suspected of, or at risk of, facilitating money laundering, proliferation financing or terrorism financing who is specified by the Controller in any written notice issued by the Controller.

If at any time a licensed housing developer has reason to suspect that the circumstances in paragraph (1)(a), (b) or (c) exist, the licensed housing developer —

must not do any of the following relating to any housing accommodation in a building project undertaken by the housing developer: (i)grant to the purchaser an option to purchase a unit of the housing accommodation;

accept any sum of money (including any booking fee) from or on behalf of the purchaser in relation to the intended purchase of any such unit;

enter into a sale and purchase agreement with the purchaser for a unit of the housing accommodation; and (b)must disclose the suspicion, or the information on which the suspicion is based, by filing a suspicious transaction report.