Clause 20
Additional measures relating to targeted financial sanctions, etc.
of Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill
BillNot in forceProvision 20 of 42
Clause 20
(1)
A regulated dealer must perform —
(a)
any prescribed measures relating to targeted financial sanctions against terrorism; and
(b)
any additional prescribed measures which are necessary or expedient to give effect to any relevant FATF Recommendation.
(2)
A regulated dealer who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.