In forceAmended2020 Revised Edition

Contents

Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 · 2020 Revised Edition · Part 2 · Registration of Regulated Dealers

10. Regulatory action

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Amended

Last amended by an amending law of 2024.

(1)

The Registrar may cancel the registration of a registered dealer, or suspend the registration for a period not exceeding 6 months, if the Registrar is satisfied of any of the following matters:

(a)

the registered dealer has failed to comply with any condition of registration to which the registered dealer is subject;

(b)

the registration was obtained by fraud or misrepresentation;

(c)

there existed at the time the registration was granted or renewed a circumstance that, if known to the Registrar at the time, would have required or permitted the Registrar to refuse to grant or renew the registration;

(d)

the registered dealer is neither carrying on the business of regulated dealing nor business as an intermediary in Singapore;

(e)

the registered dealer or any of the persons mentioned in section 8(1)(d) is no longer a fit and proper person within the meaning of this Part;

(ea)

the registered dealer has displayed, advertised, stated or otherwise used its registration in a manner which the registered dealer knows, or has reason to believe, is likely to create an erroneous impression that the Registrar regulates the registered dealer for any purpose other than —

(i)

the prevention of money laundering;

(ii)

the prevention of terrorism financing; and

(iii)

the prevention of the financing of proliferation of weapons of mass destruction;

(f)

it is not in the public interest for the registered dealer to continue to carry on the business of regulated dealing or business as an intermediary in Singapore.

(1A)

For the purposes of subsection (1)(d), the Registrar may have regard to anything that the Registrar thinks relevant in determining whether a registered dealer is carrying on the business of regulated dealing or business as an intermediary in Singapore, including the occurrence of any event, or whether there exists any circumstances, that may be prescribed.

(2)

The Registrar may, in addition to or instead of taking any action under subsection (1), order a registered dealer to pay a financial penalty of an amount not exceeding $100,000, where the registered dealer —

(a)

contravenes a provision of this Act, which contravention is not an offence; or

(b)

fails to comply with a condition of registration to which the registered dealer is subject.

(3)

In any proceedings under this section, or any appeal to the Minister under section 13 against the Registrar’s decision, consequent on the conviction of a registered dealer for an offence, the Registrar or the Minister (as the case may be) must accept the conviction as final and conclusive.

(4)

Any proceedings started under this section against a registered dealer may continue, and the Registrar may exercise the power under subsection (2) against a former registered dealer, despite the expiry of the registered dealer’s registration.