Statute Details
- Title: Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 2) Order 2017
- Full Title: N/A
- Act Code: TSFA2002-S163-2017
- Type: sl
- Commencement Date: 10 April 2017
- Parts: N/A
- Key Sections: 1, 2
- Related Legislation: Terrorism (Suppression of Financing) Act
What Is This Legislation About?
The Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 2) Order 2017 is a subsidiary legislation issued under the Terrorism (Suppression of Financing) Act of Singapore. It provides a limited exemption from the prohibition against dealing with property related to terrorism financing, allowing for the closure of a specific bank account and transfer of funds to the Central Provident Fund.
What Are the Key Provisions?
The key provisions of this Order are as follows:
Section 1: Citation and Commencement
This section states that the Order is titled the "Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 2) Order 2017" and came into effect on 10 April 2017.
Section 2: Exemption
This section provides two specific exemptions from the prohibition against dealing with property related to terrorism financing under Section 6 of the Terrorism (Suppression of Financing) Act:
(1) First State Investments (Singapore) is exempted from the prohibition in order to close the account of Mustafa Bin Sultan Ali (a Singaporean citizen with date of birth 1 September 1963) and transfer the funds in that account (referred to as the "FSI funds") to The Hongkong and Shanghai Banking Corporation Limited.
(2) The Hongkong and Shanghai Banking Corporation Limited is exempted from the prohibition in order to transfer the FSI funds from Mustafa Bin Sultan Ali's account to his special account in the Central Provident Fund.
How Is This Legislation Structured?
This legislation is a short, two-section Order issued under the Terrorism (Suppression of Financing) Act. The first section provides the citation and commencement details, while the second section outlines the specific exemptions being granted.
Who Does This Legislation Apply To?
This Order applies to two entities - First State Investments (Singapore) and The Hongkong and Shanghai Banking Corporation Limited. It allows them to undertake certain transactions involving the account of Mustafa Bin Sultan Ali, a Singaporean citizen, that would otherwise be prohibited under the Terrorism (Suppression of Financing) Act.
The Order does not apply directly to Mustafa Bin Sultan Ali or any other individuals. It is focused on providing a targeted exemption to the two financial institutions named.
Why Is This Legislation Important?
The Terrorism (Suppression of Financing) Act prohibits dealing with property related to terrorism financing, with the aim of disrupting the flow of funds to terrorist organizations. This Order carves out a limited exception to that prohibition, allowing for the closure of Mustafa Bin Sultan Ali's account and transfer of the funds to his Central Provident Fund account.
While the details of this specific case are not provided, the exemption suggests there may have been concerns about the account being linked to terrorism financing that warranted its closure. By transferring the funds to Mustafa's CPF account, the Order ensures the money is not lost or frozen, but rather returned to the account holder in a controlled manner.
This type of targeted exemption, issued on a case-by-case basis, demonstrates the flexibility built into Singapore's counter-terrorism financing regime. It allows the authorities to take appropriate action to address potential terrorism financing risks, while also protecting the rights and assets of innocent individuals. The Order is an example of the government's nuanced approach to implementing the Terrorism (Suppression of Financing) Act.
Related Legislation
- Terrorism (Suppression of Financing) Act
Source Documents
This article provides an overview of the Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 2) Order 2017 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.