Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019

Sections (43)

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• § 1 — Short title

  1. This Act is the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019.[Act 6 of 2024 wef 01/05/2024]

• § 10 — Regulatory action

  10.—(1) The Registrar may cancel the registration of a registered dealer, or suspend the registration for a period not exceeding 6 months, if the Registrar is satisfied of any of the following matters:(a) the registered dealer has failed to comply with any condition of registration to which the regi

• § 11 — Registrar to give opportunity to make representations

  11.—(1) Before exercising any power under section 10, the Registrar must, unless it is not practicable or desirable to do so in the circumstances of the case, give written notice to the registered dealer or former registered dealer concerned —(a) stating that the Registrar intends to take regulatory

• § 12 — Recovery of financial penalties

  12.—(1) Any registered dealer or former registered dealer who fails to pay any financial penalty imposed on the person by the date specified in the written notice under section 11(3) is liable to pay to the Registrar interest on the amount unpaid at the same rate as for a judgment debt.(2) Any finan

• § 13 — Appeal to Minister

  13.—(1) A person aggrieved by any of the following decisions may appeal to the Minister within the period and in the manner prescribed:(a) the Registrar’s refusal to grant or renew registration; (b) the imposition or addition, variation or cancellation of any condition of registration; (c) any reg

• § 14 — Application of this Part

  14. This Part applies to all regulated dealers who carry on in Singapore any part of their business of regulated dealing, or business as an intermediary for regulated dealing.

• § 15 — Interpretation of this Part

  15. In this Part —“cash” means currency notes and coins (whether of Singapore or of a foreign country or territory) which are legal tender and circulate as money in the country or territory of issue; “cash equivalent” means anything used as currency that is prescribed for the purposes of this Part;

• § 16 — Customer due diligence

  16.—(1) Subject to subsections (3) and (4), a regulated dealer must perform the prescribed customer due diligence measures in any of the following circumstances:(a) before entering into a designated transaction; (b) where the regulated dealer has reason to suspect money laundering, terrorism financ

• § 17 — Cash transaction reports

  17.—(1) A regulated dealer who enters into any designated transaction must submit to a Suspicious Transaction Reporting Officer, within the prescribed time, a cash transaction report relating to that transaction in the prescribed form and manner.(1A) A regulated dealer must not, without reasonable e

• § 18 — Keeping of records

  18.—(1) A regulated dealer must keep the following documents and information for the prescribed period:(a) a record of every designated transaction (whether or not completed) and every other transaction for which the customer due diligence measures mentioned in section 16 must be performed, containi

• § 19 — Programmes and measures to prevent money laundering, terrorism financing and financing of proliferation of weapons of mass destruction

  19.—(1) A regulated dealer must, in relation to the regulated dealer’s business of regulated dealing or business as an intermediary for regulated dealing, implement adequate programmes and measures to prevent money laundering, terrorism financing and the financing of proliferation of weapons of mass

• § 2 — Interpretation

  2. In this Act, unless the context otherwise requires —“asset-backed token” means a token, certificate or other instrument backed by one or more precious metals, precious stones or precious products that entitles the holder to the precious metal, precious stone or precious product, or part of it, bu

• § 20 — Additional measures relating to targeted financial sanctions, etc.

  20.—(1) A regulated dealer must perform —(a) any prescribed measures relating to targeted financial sanctions against terrorism; and (b) any additional prescribed measures which are necessary or expedient to give effect to any relevant FATF Recommendation. (2) A regulated dealer who contravenes su

• § 21 — Disclosure of suspicious transactions, etc.

  21.—(1) A regulated dealer must, if circumstances exist that require the regulated dealer to do so, make a disclosure under whichever of the following is applicable: (a) section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992; (b) section 8 or

• § 22 — Power to give directions

  22.—(1) The Registrar may give a written direction mentioned in subsection (2) to a regulated dealer in respect of that part of the regulated dealer’s business of regulated dealing or business as an intermediary for regulated dealing conducted in Singapore, where the Registrar considers that —(a) th

• § 23 — Powers of monitoring and investigation

  23.—(1) The Registrar may exercise all or any powers in this section for any of the following purposes:(a) ascertaining whether the provisions of Part 3 are being complied with; (b) ascertaining whether any condition of registration or a written direction under section 22 is being complied with; (

• § 24 — Further powers of investigation

  24.—(1) The Registrar may, for the purposes of investigating an offence under this Act, in addition to exercising the powers in section 23, do all or any of the following:(a) issue a written notice requiring any person within the limits of Singapore, who appears to be acquainted with the facts or ci

• § 25 — Power to seize property, etc., in certain circumstances

  25.—(1) The Registrar may seize any property —(a) in respect of which a contravention of this Act is suspected to have been committed; (b) that is suspected to have been used or intended to be used in a contravention of this Act; or (c) that is suspected to constitute evidence of a contravention o

• § 26 — Power of court over seized property, etc.

  26. Sections 370, 371 and 372 of the Criminal Procedure Code 2010 are to apply, with the necessary modifications, when the Registrar seizes property or prohibits any dealing in property under section 25.

• § 27 — Providing false information to Registrar or authorised officer

  27. A person who, in any application for registration (or renewal of registration) or in compliance or purported compliance with any requirement under Part 3 or 4 — (a) provides to the Registrar or an authorised officer any information or document that the person knows or has reason to believe is ma

• § 28 — Obstruction of investigation, etc.

  28. A person who, without reasonable excuse —(a) refuses or fails to provide any information, or produce any document or material, required of the person by the Registrar under section 23; (b) fails to comply with any written notice issued to the person under section 24; (c) knowingly obstructs or

• § 29 — Disclosure of information to foreign authority

  29.—(1) The Registrar may disclose any information or document obtained in the exercise of his or her functions under this Act to a corresponding authority of a foreign country or territory only if the Registrar is satisfied that —(a) the information or document is relevant to enable the correspondi

• § 3 — Purpose of Act

  3. The purpose of this Act is to combat money laundering, terrorism financing and the financing of proliferation of weapons of mass destruction in the precious stones industry and precious metals industry by —(a) regulating the persons who carry on a business of regulated dealing or business as inte

• § 30 — Protection from personal liability

  30. No liability shall lie personally against the Registrar, a Deputy Registrar, an Assistant Registrar or an authorised officer who, acting in good faith and with reasonable care, does or omits to do anything in the execution or purported execution of this Act.

• § 31 — Composition of offences

  31.—(1) The Registrar may compound any offence under this Act that is prescribed as a compoundable offence by collecting, from a person reasonably suspected of having committed the offence, a sum not exceeding half of the amount of the maximum fine for the offence.(2) On payment of the sum of money,

• § 32 — Offences by corporations

  32.—(1) Where, in a proceeding for an offence under this Act, it is necessary to prove the state of mind of a corporation in relation to a particular conduct, evidence that —(a) an officer, employee or agent of the corporation engaged in that conduct within the scope of his or her actual or apparent

• § 33 — Offences by unincorporated associations or partnerships

  33.—(1) Where, in a proceeding for an offence under this Act, it is necessary to prove the state of mind of an unincorporated association or a partnership in relation to a particular conduct, evidence that —(a) an officer, partner, employee or agent of the unincorporated association or partnership e

• § 34 — Jurisdiction of court

  34. Despite any provision to the contrary in the Criminal Procedure Code 2010, a District Court has jurisdiction to try any offence under this Act and has power to impose the full punishment in respect of the offence.

• § 35 — Codes of practice, guidelines and standards of performance

  35.—(1) The Registrar may issue, approve, amend or revoke one or more codes of practice, guidelines or standards of performance for all or any of the following purposes:(a) to provide guidance to regulated dealers in relation to the operation or administration of any provision of this Act; (b) to s

• § 36 — Power to publish information

  36. Where the Registrar considers it necessary or expedient in the interest of the public, the Registrar may publish —(a) any information relating to any regulated dealer, including —(i) the composition of any offence by a regulated dealer under this Act; (ii) any regulatory action taken against, o

• § 36A — Service of documents

  36A.—(1) Any document required or authorised by this Act to be served on any person may be served on the person —(a) in the case of an individual —(i) by delivering it to the individual personally; (ii) by leaving it with an adult person apparently resident at, or by sending it by prepaid registere

• § 36B — Electronic service

  36B.—(1) The Registrar may —(a) provide an electronic service for the service of any document that is required or authorised by this Act to be served on any person; and (b) assign to any person an account with the electronic service. (2) Despite section 36A, where a person has given consent for an

• § 37 — Amendment of Schedule

  37.—(1) The Minister may, by order in the Gazette, amend, add to or vary the Schedule.(2) The Minister may, in any order made under subsection (1), make any saving or transitional provision as may be necessary or expedient. (3) Every order made under subsection (1) must be presented to Parliament a

• § 38 — Exemption

  38. The Minister may, by order in the Gazette, exempt any person or class of persons, or any activity, from all or any provision of this Act, subject to any conditions or restrictions that may be specified in the order.

• § 39 — Regulations

  39.—(1) The Minister may make regulations for carrying out the purposes and provisions of this Act.(2) Without limiting subsection (1), the Minister may make regulations for or with respect to all or any of the following matters:(a) the registration of regulated dealers; (b) the duties of registere

• § 4 — Appointment of Registrar, Deputy Registrars, Assistant Registrars and authorised officers

  4.—(1) The Minister may appoint from among public officers —(a) a Registrar of Regulated Dealers; and (b) one or more Deputy Registrars of Regulated Dealers and Assistant Registrars of Regulated Dealers. (2) The Registrar may appoint any of the following persons to be an authorised officer for the

• § 40 — Saving and transitional provisions

  40. Sections 48I, 48J and 48K of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 and the Corruption, Drug Trafficking and Other Serious Crimes (Cash Transaction Reports) Regulations 2014 as in force immediately before 10 April 2019, continue to apply to

• § 5 — Public servants

  5. Any authorised officer appointed under section 4(2) is taken to be a public servant for the purposes of the Penal Code 1871 when exercising any power conferred or performing any duty imposed on the authorised officer by the Registrar.

• § 6 — No regulated dealing without registration

  6.—(1) A person must not act as or hold out to be a regulated dealer unless the person is a registered dealer. (2) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 yea

• § 7 — Registration and renewal

  7.—(1) An application for registration as a registered dealer, or renewal of registration, must be —(a) made to the Registrar in the form and manner specified by the Registrar; (b) accompanied by the documents and information required by the Registrar; and (c) accompanied by the application fee pr

• § 8 — Grounds for refusing to grant or renew registration

  8.—(1) The Registrar may refuse to grant or renew registration on any of the following grounds:(a) the prescribed fee for the registration or renewal is not paid; (b) the application for the registration or renewal —(i) contains materially false or misleading information; or (ii) is materially inc

• § 9 — Conditions of registration

  9.—(1) The Registrar may impose any conditions of registration on a registered dealer that the Registrar considers necessary or expedient for the purposes of this Act.(2) The Registrar may, by written notice to a registered dealer and after giving the registered dealer an opportunity to be heard, ad

• § 9A — Lapsing of registered dealer’s registration

  9A. The registration of a registered dealer lapses —(a) when the registered dealer (being an entity) is wound up or otherwise dissolved, whether in Singapore or elsewhere; or (b) when the registered dealer (being an individual who is a sole proprietor) dies.[Act 6 of 2024 wef 01/05/2024]