In forceAmended2020 Revised Edition

Contents

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

88. Assistance to AML/CFT authorities

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Amended

Last amended by an amending law of 2022.

Subdivision (2) of Division 2 of Part 4 of the FSMA 2022 applies in relation to a request to MAS from an AML/CFT authority for assistance in relation to a VCC as it applies in relation to a request to MAS from an AML/CFT authority (as defined in section 17 of that Act) for assistance in that subdivision, subject to the necessary modifications and the following further modifications:

(a)

[Deleted by Act 18 of 2022 wef 28/04/2023]

(b)

the reference in section 19(1)(g)(ii) of the FSMA 2022 to the identity of the financial institution is to the identity of the VCC;

(c)

the reference in section 19(3)(a) of the FSMA 2022 to any direction issued under section 15 or 16 of that Act, or to any regulations made under section 192 of that Act for the purposes of section 15 or 16 of that Act (as the case may be), is to a direction or regulation issued or made under section 83 or 84, as the case may be;

(d)

a reference in section 20 of the FSMA 2022 to any prescribed written law or any requirement imposed under any such written law is to any prescribed written law as defined in section 17(1) of that Act or this Act, or any requirement imposed under such prescribed written law or this Act;

(e)

the reference in section 20(2)(a) of the FSMA 2022 to a financial institution is to the VCC;

(f)

the reference in section 20(2)(a) of the FSMA 2022 to a chief executive, a director, an executive officer, an employee, an agent or an office holder of a financial institution, is to a director, an executive officer, the manager, an employee, an agent or an office holder of the VCC, the custodian of the VCC (being a non‑umbrella VCC) or the custodian of a sub‑fund of the VCC.