Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 7 · International Obligations and Prevention of Money Laundering, Terrorism Financing and Proliferation Financing and Other Offences
83. Directions and regulations to discharge Government’s international obligations
Feedback & supportLast amended by an amending law of 2022.
MAS may, from time to time —
MAS
“MAS” means the Monetary Authority of Singapore established under section 3 of the MAS Act;
issue such directions concerning any VCC or class of VCCs; and
make such regulations concerning any VCC or class of VCCs or relating to the activities of any VCC or class of VCCs,as MAS considers necessary in order to discharge or facilitate the discharge of any obligation binding on Singapore by virtue of a decision of the Security Council of the United Nations.
A VCC to which a direction is issued under subsection (1)(a) or that is bound by any regulations made under subsection (1)(b) must comply with the direction or regulations despite any other duty imposed on the VCC by any rule of law, written law or contract.
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
In carrying out any act in compliance with any direction issued or regulations made under subsection (1), a VCC is not considered as being in breach of any such rule of law, written law or contract.
A VCC must not disclose any direction issued under subsection (1)(a) if MAS notifies the VCC that MAS is of the opinion that the disclosure of the direction is against the public interest.
A VCC that —
contravenes any direction issued to it under subsection (1)(a);
contravenes any regulations made under subsection (1)(b); or
discloses a direction issued to it in contravention of subsection (4),shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1 million.
Any regulation under subsection (1)(b) may make provision for or in relation to a matter by applying, adopting or incorporating by reference (with or without modification) any regulation made under section 192 of the FSMA 2022 for the purposes of section 15 of that Act or a part of any such regulation, as in force at a particular time or from time to time, which relates to the same matter.