Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 · 2020 Revised Edition · Part 3 · Prevention of Money Laundering, Terrorism Financing and Financing of Proliferation of Weapons of Mass Destruction
15. Interpretation of this Part
Feedback & supportIn this Part —“cash” means currency notes and coins (whether of Singapore or of a foreign country or territory) which are legal tender and circulate as money in the country or territory of issue;“cash equivalent” means anything used as currency that is prescribed for the purposes of this Part;“designated transaction” means any of the following transactions conducted wholly or partly in Singapore:
a sale of any precious stone, precious metal, precious product or asset‑backed token by a regulated dealer to a customer, for which cash or a cash equivalent exceeding the threshold amount is received as payment;
sale
“sale” includes a supply under a conditional sale agreement or hire‑purchase agreement within the meanings given by section 2(1) of the Hire‑Purchase Act 1969, and “selling” is construed accordingly;
2 or more sales of any precious stone, precious metal, precious product or asset‑backed token in a single day by a regulated dealer to the same customer, or to customers whom the regulated dealer knows act on behalf of the same person, for which cash or a cash equivalent in total exceeding the threshold amount is received as payment;
precious stone
“precious stone” means any precious stone specified in Part 2 of the Schedule;
a purchase of any precious stone, precious metal or precious product from a customer (who is not a regulated dealer) by a regulated dealer (who is a secondhand goods dealer), for which cash or a cash equivalent exceeding the threshold amount is received as payment;
precious metal
“precious metal” means any precious metal specified in Part 1 of the Schedule in a manufactured or unmanufactured state;
a transaction prescribed as a designated transaction;“threshold amount” means $20,000 or its equivalent in value, or an amount prescribed in substitution.
“cash” means currency notes and coins (whether of Singapore or of a foreign country or territory) which are legal tender and circulate as money in the country or territory of issue;
“cash equivalent” means anything used as currency that is prescribed for the purposes of this Part;
“designated transaction” means any of the following transactions conducted wholly or partly in Singapore:
a sale of any precious stone, precious metal, precious product or asset‑backed token by a regulated dealer to a customer, for which cash or a cash equivalent exceeding the threshold amount is received as payment;
precious product
“precious product” means any jewellery, watch, apparel, accessory, ornament or other finished product —(a)made up of, containing or having attached to it, any precious stone or precious metal or both; and(b)at least 50% of its value (or other percentage of value prescribed in substitution) is attributable to the precious stone or precious metal or both, but excludes any product or class of products of a type prescribed;
2 or more sales of any precious stone, precious metal, precious product or asset‑backed token in a single day by a regulated dealer to the same customer, or to customers whom the regulated dealer knows act on behalf of the same person, for which cash or a cash equivalent in total exceeding the threshold amount is received as payment;
regulated dealer
“regulated dealer” means any person who carries on —(a)a business of regulated dealing; or(b)business as an intermediary for regulated dealing,but excludes a pawnbroker and any other person as may be prescribed;
a purchase of any precious stone, precious metal or precious product from a customer (who is not a regulated dealer) by a regulated dealer (who is a secondhand goods dealer), for which cash or a cash equivalent exceeding the threshold amount is received as payment;
customer
“customer” means a person with whom a regulated dealer enters into or intends to enter into a transaction;
a transaction prescribed as a designated transaction;
“threshold amount” means $20,000 or its equivalent in value, or an amount prescribed in substitution.