PART 1
PRELIMINARY
Short title
1.This Act is the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019.
Interpretation
| (a) | securities or derivatives contracts within the meanings of the Securities and Futures Act2001; and |
| (b) | commodity contracts within the meaning of the Commodity Trading Act1992; |
“Assistant Registrar” means an Assistant Registrar of Regulated Dealers appointed under section4(1);
“authorised officer” means an authorised officer appointed under section4(2);
“cash transaction report” means a cash transaction report under section17;
“company” has the meaning given by section4(1) of the Companies Act1967;
“customer” means a person with whom a regulated dealer enters into or intends to enter into a transaction;
“Deputy Registrar” means a Deputy Registrar of Regulated Dealers appointed under section4(1);
“FATF” means the intergovernmental body known as the Financial Action Task Force;
“FATF Recommendations” means the recommendations issued by the FATF from time to time relating to the prevention of money laundering and the financing of terrorism;
“financial institution” has the meaning given by section27A(6) of the Monetary Authority of Singapore Act1970 read with section27A(7) of that Act;
“intermediary”, in relation to regulated dealing, means a broker, an auctioneer, an exchange or any provider of a trading or clearing facility, for regulated dealing, whether by electronic means or otherwise;
| (a) | Part2, 3 or 5; |
| (b) | sections50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act1992; |
| (c) | the Terrorism (Suppression of Financing) Act2002; |
| (d) | any regulations made under the United Nations Act2001; |
| (e) | any provision of any other written law relating to the prevention of money laundering or terrorism financing; or |
| (f) | the law of any foreign country or territory relating to the prevention of money laundering or terrorism financing; |
“pawnbroker” has the meaning given by section3 of the Pawnbrokers Act2015;
“precious metal” means any precious metal specified in Part1 of the Schedule in a manufactured or unmanufactured state;
| (a) | made up of, containing or having attached to it, any precious stone or precious metal or both; and |
| (b) | at least 50% of its value (or other percentage of value prescribed in substitution) is attributable to the precious stone or precious metal or both, |
but excludes any product or class of products of a type prescribed;
“precious stone” means any precious stone specified in Part2 of the Schedule;
“registered dealer” means a regulated dealer who is registered under section7;
“Registrar” means the Registrar of Regulated Dealers appointed under section4(1);
“registration” means registration under section7;
| (a) | a business of regulated dealing; or |
| (b) | business as an intermediary for regulated dealing, |
but excludes a pawnbroker and any other person as may be prescribed;
| (a) | manufacturing any precious stone, precious metal or precious product; |
| (b) | importing or possessing for sale any precious stone, precious metal or precious product; |
| (c) | selling or offering for sale any precious stone, precious metal or precious product; |
| (d) | selling or redeeming asset‑backed tokens; |
| (e) | purchasing any precious stone, precious metal or precious product for the purposes of resale; |
“sale” includes a supply under a conditional sale agreement or hire‑purchase agreement within the meanings given by section2(1) of the Hire‑Purchase Act1969, and “selling” is construed accordingly;
“secondhand goods dealer” means a secondhand goods dealer within the meaning given by the Secondhand Goods Dealers Act2007;
“substantial shareholder”, in relation to a company, has the meaning given by section81 of the Companies Act1967;
“Suspicious Transaction Reporting Officer” has the meaning given by section2(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act1992.
Purpose of Act
| (a) | regulating the persons who carry on a business of regulated dealing or business as intermediaries for regulated dealing; and |
| (b) | prescribing measures to prevent regulated dealing from being used to facilitate money laundering or terrorism financing. |
Appointment of Registrar, Deputy Registrars, Assistant Registrars and authorised officers
| (a) | a Registrar of Regulated Dealers; and |
| (b) | one or more Deputy Registrars of Regulated Dealers and Assistant Registrars of Regulated Dealers. |
| (a) | a public officer; |
| (b) | an auxiliary police officer appointed under the Police Force Act2004; |
| (c) | a public accountant registered or deemed to be registered under the Accountants Act2004; |
| (d) | any individual suitably qualified and trained to be an authorised officer. |
(3)The Registrar is responsible for the administration of this Act, and may exercise all the powers and perform all the duties and functions of the Registrar under this Act, subject to any general or special directions of the Minister.
(4)A Deputy Registrar or an Assistant Registrar may exercise all the powers and perform all the duties and functions of the Registrar under any provision of this Act (except the power of appointment and the power of delegation conferred by this section), subject to any condition or limitation that the Registrar may specify; and any reference in the provision of this Act to the Registrar includes a reference to a Deputy Registrar or an Assistant Registrar.
(5)The Registrar may delegate the exercise of any of the powers conferred or duties imposed on the Registrar under any provision of this Act (except the power of appointment and the power of delegation conferred by this section) to an authorised officer, subject to any condition or limitation that the Registrar may specify; and any reference in the provision of this Act to the Registrar includes a reference to the authorised officer.
Public servants
5.Any authorised officer appointed under section4(2) is taken to be a public servant for the purposes of the Penal Code1871 when exercising any power conferred or performing any duty imposed on the authorised officer by the Registrar.
