Singapore legislation
Section 70A
Section 70A
Interpretation of this Part
(1)
This Part relates to the measures which a legal practitioner or law practice must take, when preparing for or carrying out any transaction concerning a relevant matter, to prevent the transaction from being used to facilitate either or both money laundering and the financing of terrorism.
(2)
In this Part, unless the context otherwise requires —
Definition
“law practice” means a Singapore law practice, a Qualifying Foreign Law Practice, a licensed foreign law practice, the constituent foreign law practice of a Joint Law Venture, or a foreign law practice which is a member of a Formal Law Alliance, and includes a Joint Law Venture, a Formal Law Alliance and any branch or office outside Singapore of a Singapore law practice;
Definition
“legal practitioner” means any advocate and solicitor or foreign lawyer to whom this Part applies;
Definition
“relevant matter” means any of the following matters:
acquisition, divestment or any other dealing of any interest in real estate;
management of client’s moneys, securities or other assets, or of bank, savings or securities accounts;
creation, operation or management of any company, corporation, partnership, society, trust or other legal entity or legal arrangement;
acquisition, merger, sale or disposal of any company, corporation, partnership, sole proprietorship, business trust or other business entity;
any matter, in which a legal practitioner or law practice acts for a client, that is unusual in the ordinary course of business, having regard to —
the complexity of the matter;
the quantum involved;
any apparent economic or lawful purpose of the matter; and
the business and risk profile of the client.
(3)
In this Part, unless the context otherwise requires, a reference to this Part includes a reference to any rules made under section 70H.