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
22. Power to give directions
Feedback & supportLast amended by an amending law of 2024.
The Registrar may give a written direction mentioned in subsection (2) to a regulated dealer in respect of that part of the regulated dealer’s business of regulated dealing or business as an intermediary for regulated dealing conducted in Singapore, where the Registrar considers that —
Registrar
“Registrar” means the Registrar of Regulated Dealers appointed under section 4(1);
the regulated dealer has carried on or is carrying on business in a manner that carries a risk of money laundering, terrorism financing or financing the proliferation of weapons of mass destruction; (b)a relevant offence is being committed; or
it is necessary or expedient for the written direction to be given for —
the prevention of money laundering;
the prevention of terrorism financing; or
the prevention of the financing of proliferation of weapons of mass destruction.
The Registrar may give a written direction to require the regulated dealer to do one or more of the following:
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;
to stop or terminate its regulated dealing, or a particular transaction, with a particular customer;
to stop a particular employee or individual from conducting any part of the regulated dealer’s business as a regulated dealer;
to do or refrain from doing anything specified in the written direction to mitigate the risk mentioned in subsection (1)(a) or to stop the commission of the offence mentioned in subsection (1)(b);
at the regulated dealer’s own cost, to appoint an auditor to carry out an audit of the regulated dealer’s compliance with the measures under this Act for —
the prevention of money laundering;
the prevention of terrorism financing; and
the prevention of the financing of proliferation of weapons of mass destruction,including an audit of any matters that the Registrar may specifically require for that purpose;
to take specified measures to comply with this Act or to remedy any contravention of or non‑compliance with this Act to which the direction relates.
Before giving a written direction under subsection (1), the Registrar must, unless it is not practicable or desirable to do so in the circumstances of the case, give the regulated dealer concerned an opportunity to be heard.
To avoid doubt, a written direction under subsection (1) need not be published in the Gazette.
A regulated dealer who fails to comply with a written direction given to the regulated dealer under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.