Statute Details
- Title: Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 3) Order 2017
- Full Title: N/A
- Act Code: TSFA2002-S167-2017
- Type: sl
- Commencement Date: 18 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. 3) Order 2017 is a subsidiary legislation issued under the Terrorism (Suppression of Financing) Act of Singapore. It provides a specific exemption from the prohibition against dealing with property related to terrorism financing, as set out in Section 6 of the Act.
The purpose of this Order is to allow for the sale and transfer of a motor vehicle, as well as the utilization of the proceeds from that sale, in order to pay off outstanding debts owed by an individual to a bank. This exemption is granted to facilitate the resolution of a financial matter that does not appear to be directly connected to terrorism financing.
What Are the Key Provisions?
The key provisions of this Order are as follows:
Exemption for Specified Transactions (Section 2(1)): The Order exempts Zulfikar bin Mohamad Shariff (a Singaporean citizen) and Standard Chartered Bank (Singapore) Ltd from the prohibition against dealing with property under Section 6 of the Terrorism (Suppression of Financing) Act. This exemption applies to:
- The sale and transfer of registration, or the de-registration and disposal, of a motor vehicle bearing registration number SJG 9769B
- The utilization of the proceeds from the sale of the motor vehicle, or the benefit of any rebate granted upon de-registration, to pay off all sums owed by Zulfikar to Standard Chartered Bank under a hire-purchase agreement
Condition on Exemption (Section 2(2)): The exemption is subject to the condition that any balance amount remaining after the payment to Standard Chartered Bank must be deposited into the hire-purchase agreement account.
Exemption for Land Transport Authority (Section 2(3)): The Order also exempts the Land Transport Authority of Singapore from the prohibition against dealing with property under Section 6 of the Act, in respect of the sale, transfer of registration, de-registration, and disposal of the motor vehicle.
How Is This Legislation Structured?
This legislation is a short, two-section Order that provides a specific exemption from the prohibition against dealing with property related to terrorism financing. The key components are:
- Citation and Commencement (Section 1): This section cites the title of the Order and states that it comes into operation on 18 April 2017.
- Exemption (Section 2): This section outlines the exemptions granted, the parties covered by the exemptions, and the conditions attached to the exemptions.
Who Does This Legislation Apply To?
The Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 3) Order 2017 applies to the following parties:
- Zulfikar bin Mohamad Shariff: A Singaporean citizen who is exempted from the prohibition against dealing with property under Section 6 of the Terrorism (Suppression of Financing) Act, in relation to the specified motor vehicle transactions.
- Standard Chartered Bank (Singapore) Ltd: A bank that is also exempted from the prohibition against dealing with property, in relation to the specified motor vehicle transactions and the utilization of proceeds to pay off Zulfikar's debts.
- Land Transport Authority of Singapore: The government agency responsible for motor vehicle registration and de-registration, which is exempted from the prohibition against dealing with property in relation to the specified motor vehicle transactions.
Why Is This Legislation Important?
The Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 3) Order 2017 is important for a few key reasons:
Facilitating Financial Transactions: The Order provides a targeted exemption to allow for the resolution of a financial matter (the sale of a motor vehicle and payment of outstanding debts) that does not appear to be directly connected to terrorism financing. This helps to ensure that legitimate financial transactions can proceed without being unduly hindered by the broader prohibition against dealing with property under the Terrorism (Suppression of Financing) Act.
Promoting Compliance: By granting this exemption, the Order demonstrates the Singapore government's willingness to provide appropriate carve-outs from the terrorism financing laws where the circumstances do not warrant the full application of those laws. This can help promote compliance with the broader legal framework by showing that the authorities will take a practical and proportionate approach.
Enhancing Transparency: The publication of this Order increases the transparency of how the terrorism financing laws are being applied and administered in Singapore. This can help provide guidance to other parties who may be seeking similar exemptions or trying to navigate the requirements of the Terrorism (Suppression of Financing) Act.
Related Legislation
- Terrorism (Suppression of Financing) Act (Chapter 325)
Source Documents
This article provides an overview of the Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 3) Order 2017 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.