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Is it an offence if regulated dealers do not submit the semi-annual returns?
mlaw
Source: https://www.mlaw.gov.sgThis reporting requirement is mandated by law through Regulation 13(3)(e) of the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations 2020.
Failure to comply with this reporting requirement will constitute an offence under Section 18(5) of the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 (“PSPM Act”). If found guilty of such an offence, the person shall be liable on conviction to a fine not exceeding $100,000.
This information provided here is sourced from the MLAW website.
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