Purposes of this Part
30Y.  The purposes of this Part are —
(a)to enable the Authority to provide information to an AML/CFT authority of a foreign country in connection with the AML/CFT authority’s supervision of foreign financial institutions carrying on any financial activities in that country for compliance with the AML/CFT requirements of that country applicable to those institutions, including the taking of supervisory action against them for a contravention of those requirements;
(b)to enable the Authority to provide information to a domestic authority in connection with —
(i)an investigation into the commission or an alleged commission of an applicable offence by a person;
(ii)an enforcement action against a person for the commission or an alleged commission of an applicable offence; or
(iii)a supervisory action against a person regulated by the domestic authority for a contravention of an applicable AML/CFT requirement of Singapore; and
(c)to enable an AML/CFT authority of a foreign country to carry out an inspection in Singapore of a financial institution over which the AML/CFT authority exercises consolidated supervision authority.
[Act 14 of 2015 wef 26/06/2015]