Serious Crimes and Counter-Terrorism (Miscellaneous Amendments) Bill

by deleting paragraph (b) of subsection (5) and substituting the following paragraph:“(b)any capital markets products.”;

by inserting, immediately after subsection (8), the following subsection:“(9) In this section, “capital markets products” has the meaning given by section 2(1) of the Securities and Futures Act (Cap. 289).”; and

by deleting the word “securities” in the section heading and substituting the words “capital markets products”.

if the person is an individual, to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 3 years or to both; or

if the person is not an individual, to a fine not exceeding $500,000.”.

by inserting, immediately after the word “arrangement” in subsection (2)(a), the words “, or an international arrangement,”; (b)by deleting paragraph (b) of subsection (2) and substituting the following paragraph:“(b)the Suspicious Transaction Reporting Officer is satisfied —

in any case where there exists an international arrangement mentioned in paragraph (a), that the corresponding authority has given appropriate undertakings under or in accordance with the international arrangement —

for protecting the confidentiality of any thing communicated to the corresponding authority; and

for controlling the use that will be made of that thing, including an undertaking that the thing will not be used as evidence in any proceedings; or (ii)in any other case, that the corresponding authority has given appropriate undertakings —

for protecting the confidentiality of any thing communicated to the corresponding authority; and

for controlling the use that will be made of that thing, including an undertaking that the thing will not be used as evidence in any proceedings;”; and

by inserting, immediately after the definition of “corresponding authority” in subsection (3), the following definition:“ “international arrangement” means an arrangement for cooperation in accordance with the rules or by‑laws of, or any principles or guidelines issued by, any prescribed international organisation, and to which the Suspicious Transaction Reporting Office mentioned in section 3A and the corresponding authority of a foreign country are parties.”.

by deleting the words “benefits of criminal conduct” in subsection (1)(a) and substituting the words “benefits from criminal conduct”; and

by deleting paragraph (b) of subsection (5) and substituting the following paragraph:“(b)if the person is not an individual, to a fine not exceeding $1 million or twice the value of the benefits from criminal conduct in respect of which the offence was committed, whichever is higher.”.

by deleting paragraph (b) of subsection (6) and substituting the following paragraph:“(b)if the person is not an individual, to a fine not exceeding $1 million or twice the value of the property in respect of which the offence was committed, whichever is higher.”; and

by deleting the word “of” in the section heading and substituting the word “from”.

Any person who possesses or uses any property that may be reasonably suspected of being, or of in whole or in part, directly or indirectly, representing, any benefits of drug dealing or benefits from criminal conduct shall, if the person fails to account satisfactorily how the person came by the property, be guilty of an offence.(2) Any person who commits an offence under subsection (1) shall be liable on conviction —

if the person is an individual, to a fine not exceeding $150,000 or to imprisonment for a term not exceeding 3 years or to both; or

if the person is not an individual, to a fine not exceeding $300,000.”.

where the prosecution adduces, to the satisfaction of the court, some evidence that doing or being concerned in the act satisfies every element of a foreign drug dealing offence or foreign serious offence, it is presumed, until the contrary is proved, that the act constitutes that foreign drug dealing offence or foreign serious offence, as the case may be; and

without affecting section 59(1)(b) of the Evidence Act, the court may take judicial notice of any Act passed by the legislature of that foreign country. (4) Section 59(2) and (3) of the Evidence Act applies to the taking of judicial notice under subsection (3)(b).”.

in the case of any offence under section 48C(2) or 48E(2), $20,000; or

in the case of any other offence, $5,000.”.

$1 million; or

twice the value of the property (including funds derived or generated from the property), financial services or other related services, or financial transaction (as the case may be) in respect of which the offence was committed.”.

by inserting, immediately after the words “think fit” in subsection (2), the words “, and the person must comply with the requirement”; and

by deleting subsection (3) and substituting the following subsection:“(3) Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction —

if the person is an individual, and the property mentioned in subsection (1)(a) came into the person’s possession, custody or control, or the information or particulars mentioned in subsection (1)(b) or (2) came to the person’s attention, in the course of the person’s trade, profession, business or employment — to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 5 years or to both;

if the person is an individual, but paragraph (a) does not apply — to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 5 years or to both; or

if the person is not an individual, to a fine not exceeding —

where subsection (1) was contravened, the higher of —

$1 million; or (B)twice the value of the property mentioned in subsection (1)(a) or (b), as the case may be; or

where subsection (2) was contravened, $1 million.”.

by deleting the words “and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 5 years or to both” in subsection (1); and

by inserting, immediately after subsection (1), the following subsection:“(1A) Any person who commits an offence under subsection (1) shall be liable on conviction —

if the person is an individual, and the information came to the person’s attention in the course of the person’s trade, profession, business or employment — to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 5 years or to both;

if the person is an individual, but paragraph (a) does not apply — to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 5 years or to both; or (c)if the person is not an individual, to a fine not exceeding —

where a terrorism financing offence was committed, the higher of —

$1 million; or (B)twice the value of the property (including funds derived or generated from the property), financial services or other related services, or financial transaction (as the case may be) in respect of which the terrorism financing offence was committed; or

where no terrorism financing offence was committed, $1 million.”.