Singapore legislation
Clause 8
of Prevention of Proliferation Financing and Other Matters Bill
Clause 8
Amendment of section 10
In the PSPM Act, in section 10 —
in subsection (1), after paragraph (e), insert —“(ea)the registered dealer has displayed, advertised, stated or otherwise used its registration in a manner which the registered dealer knows, or has reason to believe, is likely to create an erroneous impression that the Registrar regulates the registered dealer for any purpose other than —
the prevention of money laundering;
the prevention of terrorism financing; and
the prevention of the financing of proliferation of weapons of mass destruction;”;
after subsection (1), insert —“(1A) For the purposes of subsection (1)(d), the Registrar may have regard to anything that the Registrar thinks relevant in determining whether a registered dealer is carrying on the business of regulated dealing or business as an intermediary in Singapore, including the occurrence of any event, or whether there exists any circumstances, that may be prescribed.”; and
after subsection (3), insert —“(4) Any proceedings started under this section against a registered dealer may continue, and the Registrar may exercise the power under subsection (2) against a former registered dealer, despite the expiry of the registered dealer’s registration.”.