s 5D Persons disqualified from being substantial shareholder of developer
5D.—(1) A person —(a) who has been convicted (whether before, on or after the date of commencement of section 17(i) 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 developer, whether by increasing the person’s shareholding in the 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]