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
11. Registrar to give opportunity to make representations
Feedback & supportLast amended by an amending law of 2024.
Before exercising any power under section 10, the Registrar must, unless it is not practicable or desirable to do so in the circumstances of the case, give written notice to the registered dealer or former registered dealer concerned —
Registrar
“Registrar” means the Registrar of Regulated Dealers appointed under section 4(1);
stating that the Registrar intends to take regulatory action under section 10 against the registered dealer or former registered dealer; (b)specifying the type of regulatory action the Registrar proposes to take and the ground or grounds for the regulatory action; and
specifying the time (being at least 14 days after the date the written notice is served on the registered dealer or former registered dealer) within which representations may be made to the Registrar with respect to the proposed regulatory action.
The Registrar may decide to take the appropriate regulatory action —
after considering any written representation made to the Registrar pursuant to the written notice mentioned in subsection (1); or
after the time delimited in the written notice in subsection (1)(c) lapses, if no representation is made.
The Registrar must serve on the registered dealer or former registered dealer a written notice of the Registrar’s decision and the date the decision takes effect.
registered dealer
“registered dealer” means a regulated dealer who is registered under section 7;
The Registrar’s decision takes effect on the date stated in the written notice under subsection (3) despite any appeal to the Minister under section 13 against the Registrar’s decision.
Any cancellation or suspension of registration under section 10(1) does not affect —
the enforcement by any person of any right or claim against the registered dealer or former registered dealer; or
the enforcement by the registered dealer or former registered dealer of any right or claim against any person.