Legal Profession Act 1966 · 2020 Revised Edition · Part 5A · Prevention of Money Laundering, Terrorism Financing and Financing of Proliferation of Weapons of Mass Destruction
70A. Interpretation of this Part
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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 one or more of the following:
money laundering;
the financing of terrorism;
the financing of proliferation of weapons of mass destruction.
In this Part, unless the context otherwise requires —
“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;
Singapore law practice
“Singapore law practice” means —(a)a law firm;(b)a limited liability law partnership; or(c)a law corporation;
“legal practitioner” means any advocate and solicitor or foreign lawyer to whom this Part applies;
advocate and solicitor
“advocate and solicitor”, “advocate” and “solicitor” mean an advocate and solicitor of the Supreme Court;
“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;
client
“client” includes —(a)in relation to contentious business — any person who, as a principal or on behalf of another person, retains or employs, or is about to retain or employ, a solicitor, and any person who is or may be liable to pay the costs of a solicitor, law corporation or limited liability law partnership; and(b)in relation to non-contentious business —(i)any person who, as a principal or on behalf of another, or as a trustee, an executor or an administrator, or in any other capacity, has power (express or implied) to retain or employ, and retains or employs or is about to retain or employ, a solicitor, law corporation or limited liability law partnership; and(ii)any person for the time being liable to pay a solicitor, law corporation or limited liability law partnership for his, her or its services any costs;
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.
In this Part, unless the context otherwise requires, a reference to this Part includes a reference to any rules made under section 70H.