Singapore legislation

Clause 41

of Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill

Clause 41

Amendment of Pawnbrokers Act 2015

The Pawnbrokers Act 2015 (Act 2 of 2015) is amended by inserting, immediately after section 74, the following section:“Cash transaction reports74A.—

(1)

A pawnbroker who enters into any relevant transaction specified in Part 1 of the Third Schedule must submit to a Suspicious Transaction Reporting Officer a cash transaction report relating to the relevant transaction, within the time and in the form and manner specified in Part 2 of the Third Schedule.(2) A pawnbroker must keep a copy of each cash transaction report submitted under subsection (1) for the period specified in Part 2 of the Third Schedule.(3) A pawnbroker must, at the time of submitting a cash transaction report under subsection (1) or immediately thereafter, submit a copy of the cash transaction report to the Registrar.(4) A pawnbroker who fails to comply with subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both.”.