s 12F Person disqualified to be substantial shareholder
12F.—(1) A person —(a) who has been convicted (whether before, on or after the date of commencement of section 14(k) of the Anti‑Money Laundering and Other Matters (Estate Agents and Developers) Act 2025) of any money laundering, proliferation financing or terrorism financing offence; or [Act 15 of 2025 wef 01/07/2025] (b) if a company, partnership, society or limited liability partnership, which has an individual mentioned in paragraph (a) holding a responsible position in that company, partnership, society or limited liability partnership, as the case may be, must not be or become a substantial shareholder of a licensed housing developer, whether by increasing the person’s shareholding in the licensed housing developer or otherwise. (2) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.[Act 54 of 2018 wef 28/06/2023]