Singapore legislation
Clause 25
of Money-changing and Remittance Businesses (Amendment) Bill
Clause 25
Amendment of section 29
Section 29 of the principal Act is amended by inserting, immediately after subsection (2), the following subsection:“(3) Regulations made under this section may provide —
(a)
that a contravention of any specified provision thereof shall be an offence; and
(b)
for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 12 months or both for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part thereof during which the offence continues after conviction.”.