s 70A Interpretation of this Part
70A.—(1) This Part relates to the measures which a legal practitioner or law practice must take, when preparing for or carrying out any transaction concerning a relevant matter, to prevent the transaction from being used to facilitate one or more of the following:(a) money laundering;[Act 6 of 2024 wef 01/05/2024] (b) the financing of terrorism;[Act 6 of 2024 wef 01/05/2024] (c) the financing of proliferation of weapons of mass destruction.[40/2014] [Act 6 of 2024 wef 01/05/2024] (2) In this Part, unless the context otherwise requires —“law practice” means a Singapore law practice, a Qualifying Foreign Law Practice, a licensed foreign law practice, the constituent foreign law practice of a Joint Law Venture, or a foreign law practice which is a member of a Formal Law Alliance, and includes a Joint Law Venture, a Formal Law Alliance and any branch or office outside Singapore of a Singapore law practice; “legal practitioner” means any advocate and solicitor or foreign lawyer to whom this Part applies; “relevant matter” means any of the following matters:(a) acquisition, divestment or any other dealing of any interest in real estate; (b) management of client’s moneys, securities or other assets, or of bank, savings or securities accounts; (c) creation, operation or management of any company, corporation, partnership, society, trust or other legal entity or legal arrangement; (d) acquisition, merger, sale or disposal of any company, corporation, partnership, sole proprietorship, business trust or other business entity; (e) any matter, in which a legal practitioner or law practice acts for a client, that is unusual in the ordinary course of business, having regard to —(i) the complexity of the matter; (ii) the quantum involved; (iii) any apparent economic or lawful purpose of the matter; and (iv) the business and risk profile of the client.[40/2014] (3) In this Part, unless the context otherwise requires, a reference to this Part includes a reference to any rules made under section 70H.[40/2014]