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Contents

Long Title

Part I PRELIMINARY

Part II LICENSING OF TRUST COMPANIES

Part III CONTROL OF SHAREHOLDINGS AND VOTING POWERS

Part IIIA CONTROL OVER LICENSED TRUST COMPANY

Part IIIB VOLUNTARY TRANSFER OF BUSINESS

Part IV PROBATE AND ADMINISTRATION

Part V CONDUCT OF BUSINESS

Part VI BOOKS, ACCOUNTS AND AUDIT

Division 1 — Books and accounts

Division 2 — Audit

Part VII SUPERVISION AND INVESTIGATION

Division 1 — General

Division 2 — Inspection powers of Authority

Division 3 — Investigative powers of Authority

Part VIII DISCLOSURE OF INFORMATION

Part IX APPEALS

Part X MISCELLANEOUS

FIRST SCHEDULE Trust Business

SECOND SCHEDULE Specified Persons

THIRD SCHEDULE Purposes for Which and Persons to Whom Protected Information May be Disclosed

FOURTH SCHEDULE Specified Provisions

Legislative Source Key

Legislative History

Comparative Table

 
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On 25/04/2014, you requested the version in force on 25/04/2014 incorporating all amendments published on or before 25/04/2014. The closest version currently available is that of 18/04/2013.
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PART VII
SUPERVISION AND INVESTIGATION
Division 1 — General
Self-incrimination
38.
—(1)  A person is not excused from disclosing any information to the Authority, pursuant to a requirement made of him under this Part, on the ground that the disclosure of the information might tend to incriminate him.
(2)  Where a person claims, before making a statement disclosing any information that he is required to disclose by a requirement made of him under this Part, that the statement might tend to incriminate him, that statement shall not be admissible in evidence against him in criminal proceedings other than proceedings under this Act.
[FAA, s. 68]
Savings for advocates and solicitors
39.
—(1)  Nothing in this Part shall —
(a)
compel an advocate and solicitor to disclose or produce a privileged communication, or a document or other material containing a privileged communication, made by or to him in that capacity; or
(b)
authorise the taking of any such document or other material which is in his possession.
(2)  An advocate and solicitor who refuses to disclose the information or produce the document or other material referred to in subsection (1) shall nevertheless be obliged to give the name and address (if he knows them) of the person to whom, or by or on behalf of whom, that privileged communication was made.
(3)  Any advocate and solicitor who contravenes subsection (2) shall be guilty of an offence.
[FAA, s. 69]
Division 2 — Inspection powers of Authority
Inspection by Authority
40.
—(1)  The Authority may, for the purpose of ensuring that the provisions of this Act have been or are being complied with, from time to time inspect, under conditions of secrecy, the books in the possession, custody or control of a licensed trust company and of any branch, agency or office outside Singapore opened by a licensed trust company that is incorporated in Singapore.
(2)  For the purposes of an inspection under this section —
(a)
the licensed trust company, or any person who is in possession of the books of the licensed trust company, shall produce such books to the Authority and give such information or facilities as may be required by the Authority;
(b)
the licensed trust company shall procure that any person who is in possession of its books produce the books to the Authority and give such information or facilities as may be required by the Authority; and
(c)
the Authority may —
(i)
make copies of, or take possession of, any of such books;
(ii)
use, or permit the use of, any of such books for the purposes of any proceedings under this Act; and
(iii)
retain possession of any of such books for so long as is necessary —
(A)
for the purposes of exercising a power conferred by this section (other than subsection (4));
(B)
for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such books; or
(C)
for such proceedings to be commenced and carried on.
(3)  No person shall be entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.
(4)  Subject to Part VIII, while the books of a licensed trust company are in the possession of the Authority, the Authority —
(a)
shall permit another person to inspect at all reasonable times such of the books (if any) as the other person would be entitled (whether under any written law, rule of law or contract) to inspect if they were not in the possession of the Authority; and
(b)
may permit any other person to inspect any of the books.
(5)  The Authority may require a person who produced any book to the Authority to explain, to the best of his knowledge and belief, any matter about the compilation of the book or to which the book relates.
(6)  Any person who, without reasonable excuse, contravenes subsection (2) or any requirement of the Authority under subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.
[FAA, s. 70]
Division 3 — Investigative powers of Authority
Investigation by Authority
41.
—(1)  The Authority may conduct such investigation, under conditions of secrecy, as it considers necessary or expedient for any of the following purposes:
(a)
to perform any of the Authority’s functions under this Act;
(b)
to ensure compliance with this Act or any written direction; or
(c)
to investigate any alleged or suspected contravention of any provision of this Act.
(2)  The Authority may exercise any of its powers for the purposes of conducting an investigation under this Division notwithstanding the provisions of any prescribed written law or any requirement imposed thereunder or any rule of law.
(3)  A requirement imposed by the Authority in the exercise of its powers under this Division shall have effect notwithstanding any obligation as to secrecy or other restrictions upon the disclosure of information imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.
(4)  Any person who complies with a requirement imposed by the Authority in the exercise of its powers under this Division shall not be treated as being in breach of any restriction upon the disclosure of information or thing imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.
(5)  No civil or criminal action, other than proceedings for an offence under section 46, shall lie against any person for —
(a)
providing information or producing books to the Authority if he had provided the information or produced the books in good faith in compliance with a requirement imposed by the Authority under this Division; or
(b)
doing or omitting to do any act, if he had done or omitted to do the act in good faith and as a result of complying with a requirement imposed by the Authority under this Division.
[FAA, s. 71]
Power to order production of books
42.  For the purpose of an investigation under this Division, the Authority may by notice in writing require any person to provide information or produce any book relating to any matter under investigation at a specified time and place, and such person shall immediately comply with that requirement.
[FAA, s. 72]
Application for warrant to seize books not produced
43.
—(1)  Where the Authority has reasonable grounds to suspect that there is, on any particular premises, any book the production of which has been required under section 42, and —
(a)
which has not been produced in compliance with that requirement; or
(b)
which the Authority has reasonable grounds to believe will not be produced in compliance with that requirement,
the Authority may apply to a Magistrate for the issue of a warrant to search the premises for such book.
(2)  Whenever it appears to a Magistrate, upon an application made under subsection (1) and after such enquiry as he may think necessary, that there are reasonable grounds for suspecting that there is, on any particular premises, any book the production of which has been required under section 42, and —
(a)
which has not been produced in compliance with that requirement; or
(b)
which the Magistrate has reasonable grounds to suspect will not be produced in compliance with that requirement,
the Magistrate may issue a warrant authorising the Authority or any person named therein, with or without assistance —
(i)
to enter and search the premises and to break open and search anything, whether a fixture or not, in the premises; and
(ii)
to take possession of, or secure against interference, any book that appears to be a book the production of which was so required.
(3)  The powers conferred under subsections (1) and (2) are in addition to, and are not in derogation of, any other power conferred by any other written law or rule of law.
(4)  In this section, “premises” includes any structure, building, aircraft, vehicle, vessel or place.
[FAA, s. 73]
Powers where books are produced or seized
44.
—(1)  This section shall apply where —
(a)
books are produced to the Authority under a requirement imposed under section 42;
(b)
under a warrant issued under section 43, the Authority or a person named therein —
(i)
takes possession of books; or
(ii)
secures books against interference; or
(c)
under a previous application of subsection (6), books are delivered into the possession of the Authority or a person authorised by the Authority to receive them.
(2)  If subsection (1)(a) applies, the Authority may take possession of any of the books.
(3)  The Authority or, where applicable, a person referred to in subsection (1)(b) may —
(a)
inspect, and make copies of, or take extracts from, any of the books;
(b)
use, or permit the use of, any of the books for the purposes of any proceedings; and
(c)
retain possession of any of the books for so long as is necessary —
(i)
for the purposes of exercising a power conferred by this section (other than subsection (5));
(ii)
for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such book; or
(iii)
for such proceedings to be commenced and carried on.
(4)  No person shall be entitled, as against the Authority or, where applicable, a person referred to in subsection (1)(b), to claim a lien on any of the books, but such a lien is not otherwise prejudiced.
(5)  Subject to Part VIII, while the books are in the possession of the Authority or, where applicable, a person referred to in subsection (1)(b), the Authority or the person —
(a)
shall permit another person to inspect at all reasonable times such of the books (if any) as the second-mentioned person would be entitled (whether under any written law, rule of law or contract) to inspect if they were not in the possession of the Authority or the first-mentioned person; and
(b)
may permit any other person to inspect any of the books.
(6)  Unless subsection (1)(b)(ii) applies, a person referred to in subsection (1)(b) may deliver any of the books into the possession of the Authority or of a person authorised by the Authority to receive them.
(7)  If subsection (1)(a) or (b) applies, the Authority, a person referred to in subsection (1)(b) or a person into whose possession the books are delivered under subsection (6) may require —
(a)
if subsection (1)(a) applies, a person who so produced any of the books; or
(b)
in any other case, a person who was a party to the compilation of any of the books,
to explain, to the best of his knowledge and belief, any matter about the compilation of any of the books or to which any of the books relate.
[FAA, s. 74]
Powers where books not produced
45.  Where a person fails to comply with a requirement imposed by the Authority under section 42 to produce any book, the Authority may require the person to state, to the best of his knowledge and belief —
(a)
the place where such book may be found; or
(b)
the person who last had possession, custody or control of such book and the place where that person may be found.
[FAA, s. 75]
Offences under this Division
46.
—(1)  Any person who, without reasonable excuse, refuses or fails to comply with a requirement imposed under section 42, 44(7) or 45 shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(2)  Any person who, in purported compliance with a requirement imposed under section 42, 44(7) or 45, furnishes information or makes a statement that is false or misleading in a material particular shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(3)  It shall be a defence to a prosecution for an offence under subsection (2) if the defendant proves that he believed on reasonable grounds that the information or statement was true and not misleading.
(4)  Any person who conceals, destroys, mutilates or alters any book relating to a matter that the Authority is investigating or about to investigate under this Division or, where such a book is within the territory of Singapore, takes or sends the book out of Singapore shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.
(5)  Any person who, without reasonable excuse, obstructs or hinders the Authority in the exercise of any power under section 42, 44 or 45, or obstructs or hinders a person who is executing a warrant issued under section 43, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(6)  Any occupier, or person in charge, of the premises that a person enters under a warrant issued under section 43 who fails to provide to that person all reasonable facilities and assistance for the effective exercise of his powers under the warrant shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both.
[FAA, s. 76]