Comparison View

Formal Consolidation |  2020 RevEd
Interpretation
2.  In this Act, unless the context otherwise requires —
“asset-backed token” means a token, certificate or other instrument backed by one or more precious metals, precious stones or precious products that entitles the holder to the precious metal, precious stone or precious product, or part of it, but excludes —
(a)securities or derivatives contracts within the meanings of the Securities and Futures Act 2001; and
(b)commodity contracts within the meaning of the Commodity Trading Act 1992;
“Assistant Registrar” means an Assistant Registrar of Regulated Dealers appointed under section 4(1);
“authorised officer” means an authorised officer appointed under section 4(2);
“cash transaction report” means a cash transaction report under section 17;
“company” has the meaning given by section 4(1) of the Companies Act 1967;
“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 section 4(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 section 27A(6) of the Monetary Authority of Singapore Act 1970 read with section 27A(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;
“money laundering or terrorism financing offence” means an offence under —
(a)Part 2, 3 or 5;
(b)sections 50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992;
(c)the Terrorism (Suppression of Financing) Act 2002;
(d)any regulations made under the United Nations Act 2001;
(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 section 3 of the Pawnbrokers Act 2015;
“precious metal” means any precious metal specified in Part 1 of the Schedule in a manufactured or unmanufactured state;
“precious product” means any jewellery, watch, apparel, accessory, ornament or other finished product —
(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 Part 2 of the Schedule;
“registered dealer” means a regulated dealer who is registered under section 7;
“Registrar” means the Registrar of Regulated Dealers appointed under section 4(1);
“registration” means registration under section 7;
“regulated dealer” means any person who carries on —
(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;
“regulated dealing” means doing any of the following:
(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 section 2(1) of the Hire‑Purchase Act 1969, and “selling” is construed accordingly;
“secondhand goods dealer” means a secondhand goods dealer within the meaning given by the Secondhand Goods Dealers Act 2007;
“substantial shareholder”, in relation to a company, has the meaning given by section 81 of the Companies Act 1967;
“Suspicious Transaction Reporting Officer” has the meaning given by section 2(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992.
Informal Consolidation | Amended Act 6 of 2024
Interpretation
2.  In this Act, unless the context otherwise requires —
“asset-backed token” means a token, certificate or other instrument backed by one or more precious metals, precious stones or precious products that entitles the holder to the precious metal, precious stone or precious product, or part of it, but excludes —
(a)securities or derivatives contracts within the meanings of the Securities and Futures Act 2001;
[Act 6 of 2024 wef 01/05/2024]
(b)commodity contracts within the meaning of the Commodity Trading Act 1992;
(c)digital payment tokens within the meaning of the Payment Services Act 2019; and
[Act 6 of 2024 wef 01/05/2024]
(d)any token, certificate or other instrument that may be prescribed;
[Act 6 of 2024 wef 01/05/2024]
“Assistant Registrar” means an Assistant Registrar of Regulated Dealers appointed under section 4(1);
“authorised officer” means an authorised officer appointed under section 4(2);
“cash transaction report” means a cash transaction report under section 17;
“company” has the meaning given by section 4(1) of the Companies Act 1967;
“compliance officer” means an employee or officer in a management position of a regulated dealer who is responsible for ensuring that the regulated dealer complies with the measures under this Act for —
(a)the prevention of money laundering;
(b)the prevention of terrorism financing; and
(c)the prevention of the financing of proliferation of weapons of mass destruction;
[Act 6 of 2024 wef 01/05/2024]
“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 section 4(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 —
(a)the prevention of money laundering;
[Act 6 of 2024 wef 01/05/2024]
(b)the prevention of terrorism financing; and
[Act 6 of 2024 wef 01/05/2024]
(c)the prevention of the financing of proliferation of weapons of mass destruction;
[Act 6 of 2024 wef 01/05/2024]
“financial institution” has the meaning given by section 2 of the Financial Services and Markets Act 2022;
[Act 18 of 2022 wef 28/04/2023]
“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;
[Deleted by Act 6 of 2024 wef 01/05/2024]
“pawnbroker” has the meaning given by section 3 of the Pawnbrokers Act 2015;
“precious metal” means any precious metal specified in Part 1 of the Schedule in a manufactured or unmanufactured state;
“precious product” means any jewellery, watch, apparel, accessory, ornament or other finished product —
(a)made up of, containing or having attached to it, any precious stone or precious metal or both; and
(b)that satisfies either of the following:
(i)at least 50% of the value of the jewellery, watch, apparel, accessory, ornament or other finished product (or other percentage of value prescribed in substitution) is attributable to the precious stone or precious metal or both;
(ii)the jewellery, watch, apparel, accessory, ornament or other finished product is priced above the prescribed value,
but excludes any product or class of products of a type prescribed;
[Act 6 of 2024 wef 01/05/2024]
“precious stone” means any precious stone specified in Part 2 of the Schedule;
“registered dealer” means a regulated dealer who is registered under section 7;
“Registrar” means the Registrar of Regulated Dealers appointed under section 4(1);
“registration” means registration under section 7;
“regulated dealer” means any person who carries on —
(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;
“regulated dealing” means doing any of the following:
(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;
“relevant offence” means an offence under —
(a)Part 2, 3 or 5;
(b)sections 50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992;
(c)the Terrorism (Suppression of Financing) Act 2002;
(d)any regulations made under the United Nations Act 2001;
(e)any provision of any other written law relating to —
(i)the prevention of money laundering;
(ii)the prevention of terrorism financing; or
(iii)the prevention of the financing of proliferation of weapons of mass destruction; or
(f)the law of any foreign country or territory relating to —
(i)the prevention of money laundering;
(ii)the prevention of terrorism financing; or
(iii)the prevention of the financing of proliferation of weapons of mass destruction;
[Act 6 of 2024 wef 01/05/2024]
“sale” includes a supply under a conditional sale agreement or hire‑purchase agreement within the meanings given by section 2(1) of the Hire‑Purchase Act 1969, and “selling” is construed accordingly;
“secondhand goods dealer” means a secondhand goods dealer within the meaning given by the Secondhand Goods Dealers Act 2007;
“substantial shareholder”, in relation to a company, has the meaning given by section 81 of the Companies Act 1967;
“Suspicious Transaction Reporting Officer” has the meaning given by section 2(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992.