Singapore legislation
Regulation 14
Regulation 14
Additional measures relating to targeted financial sanctions
Subregulation 1
A developer must, at the relevant time specified in rule 4(1), take reasonable measures to assess whether any relevant person in a transaction or any person acting on behalf of the purchaser is —
a terrorist or terrorist entity under the Terrorism (Suppression of Financing) Act 2002; (b)a designated person as defined in any regulations made under the United Nations Act 2001; or
a person suspected of, or at risk of, facilitating money laundering, proliferation financing or terrorism financing who is specified by the Controller in any written notice issued by the Controller.
Subregulation 2
If at any time a developer has reason to suspect that the circumstances in paragraph (1)(a), (b) or (c) exist, the developer —
must not do any of the following relating to any commercial property in a building project undertaken by the developer:
grant to the purchaser an option to purchase the commercial property;
accept any sum of money (including any booking fee) from or on behalf of the purchaser in relation to the intended purchase of any such commercial property;
enter into a sale and purchase agreement with the purchaser for the commercial property; and
must disclose the suspicion, or the information on which the suspicion is based, by filing a suspicious transaction report.