(a) | by inserting, immediately after the definition of “FATF” in paragraph 1(1), the following definition:“ “foreign country or territory” means a country, territory or jurisdiction other than Singapore;”; |
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(b) | by deleting paragraph (b) of the definition of “politically‑exposed person” in paragraph 1(1) and substituting the following paragraph:“(b) | in a foreign country or territory; or”; |
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(c) | by inserting, immediately after the definition of “prominent public function” in paragraph 1(1), the following definition:“ “relevant country or territory” means a foreign country or territory that is subject to a call made by the FATF (through a public statement, notice or directive published on its official website at https://www.fatf‑gafi.org/) for countermeasures or enhanced customer due diligence measures;”; |
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(d) | by deleting the words “country or territory outside Singapore” in the definition of “relevant foreign regulatory authority” in paragraph 1(1) and substituting the words “foreign country or territory”; |
(e) | by deleting sub‑paragraph (c) of paragraph 9(1) and substituting the following sub‑paragraph:“(c) | the pawner, a person on whose behalf the pawner is acting or a beneficial owner of the person, in any relevant loan —(i) | is a resident of or originates from, or the relevant loan relates to, a relevant country or territory; or | (ii) | is, or the relevant loan is, a person or a loan that the Registrar has notified the pawnbroker is a person or loan that presents a high risk of money laundering or terrorism financing; or”; |
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(f) | by inserting, immediately after the words “the pawner,” in paragraph 9(1)(d), the words “a person on whose behalf the pawner is acting, a beneficial owner of the person,”; |
(g) | by deleting sub‑paragraph (c) of paragraph 9(1A) and substituting the following sub‑paragraph:“(c) | the customer, a person on whose behalf the customer is acting or a beneficial owner of the person, in any relevant transaction —(i) | is a resident of or originates from, or the relevant transaction relates to, a relevant country or territory; or | (ii) | is, or the relevant transaction is, a person or a transaction that the Registrar has notified the pawnbroker is a person or transaction that presents a high risk of money laundering or terrorism financing; or”; |
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(h) | by inserting, immediately after the word “acting,” in paragraph 9(1A)(d), the words “a beneficial owner of the person,”; |
(i) | by inserting, immediately after sub‑paragraph (1A) of paragraph 9, the following sub‑paragraph:“(1B) For the purpose of determining whether a person mentioned in sub‑paragraph (1)(d) or (1A)(d) may present a high risk of money laundering or terrorism financing, the pawnbroker must consider whether that person is a resident of or originates from —(a) | a foreign country or territory which the FATF (by a public statement, notice or directive published on its official website at https://www.fatf‑gafi.org/) identifies as a foreign country or territory subject to increased monitoring; or | (b) | a foreign country or territory which the Registrar has notified the pawnbroker to be a foreign country or territory with inadequate measures to prevent money laundering or terrorism financing.”; and |
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(j) | by deleting the words “Form NP 759 or” in paragraph 13A(1)(a). |