Statute Details
- Title: Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 4) Order 2017
- Full Title: N/A
- Act Code: TSFA2002-S447-2017
- Type: sl
- Commencement Date: 14 August 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. 4) Order 2017 is a subsidiary legislation issued under the Terrorism (Suppression of Financing) Act of Singapore. It provides a specific exemption from the general prohibition against dealing with property or funds that are linked to terrorism financing.
The purpose of this Order is to allow certain individuals and entities to engage in specific financial transactions that would otherwise be prohibited under the Terrorism (Suppression of Financing) Act. The exemption is granted in relation to the sale and transfer of ownership of two motor cycles, as well as the utilization of the proceeds from those sales.
What Are the Key Provisions?
The key provisions of this Order are as follows:
Exemption for Specific Individuals and Entities (Section 2(1)): The Order exempts Muhammad Khairul Bin Mohamed (a Singaporean citizen) and Speedway Motor Pte Ltd from the prohibition against dealing with property or funds 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 two motor cycles bearing registration numbers FBK 4427U and FBB 5045D.
- The utilization of the proceeds from the sale of these motor cycles, or the utilization of any rebate granted by the Land Transport Authority of Singapore upon de-registration of the motor cycles, for the payment of sums owed by Khairul to Speedway Motor under a hire-purchase agreement.
Exemption for the Land Transport Authority (Section 2(2)): The Order also exempts the Land Transport Authority of Singapore from the prohibition against dealing with property or funds under Section 6 of the Terrorism (Suppression of Financing) Act, in respect of the sale, transfer of registration, de-registration, and disposal of the two motor cycles mentioned in Section 2(1).
How Is This Legislation Structured?
The Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 4) Order 2017 is a short piece of legislation consisting of two main sections:
- Citation and Commencement (Section 1): This section provides the title of the Order and states that it came into effect on 14 August 2017.
- Exemption (Section 2): This section outlines the specific exemptions granted by the Order, as detailed in the previous section.
Who Does This Legislation Apply To?
The Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 4) Order 2017 applies to the following parties:
- Muhammad Khairul Bin Mohamed: A Singaporean citizen who is exempted from the prohibition against dealing with property or funds under the Terrorism (Suppression of Financing) Act in relation to the sale and transfer of two motor cycles, as well as the utilization of the proceeds from those sales.
- Speedway Motor Pte Ltd: A company that is also exempted from the prohibition against dealing with property or funds in relation to the same transactions involving the two motor cycles.
- Land Transport Authority of Singapore: The government agency that is exempted from the prohibition against dealing with property or funds in respect of the sale, transfer of registration, de-registration, and disposal of the two motor cycles.
Why Is This Legislation Important?
The Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 4) Order 2017 is an important piece of legislation because it provides a targeted exemption from the general prohibition against dealing with property or funds that are linked to terrorism financing.
The Terrorism (Suppression of Financing) Act is a crucial law in Singapore's efforts to combat the financing of terrorist activities. By prohibiting the dealing with property or funds that are suspected to be linked to terrorism, the Act aims to disrupt the flow of resources to terrorist organizations and individuals.
However, there may be legitimate situations where certain financial transactions need to be carried out, even if they involve property or funds that are technically linked to terrorism financing. The exemption provided by this Order allows for such transactions to proceed, while still maintaining the overall integrity of the Terrorism (Suppression of Financing) Act.
The specific exemption granted in this Order is important because it enables the sale and transfer of ownership of two motor cycles, as well as the utilization of the proceeds from those sales, without running afoul of the Terrorism (Suppression of Financing) Act. This ensures that the individuals and entities involved can engage in these necessary financial transactions without undue legal or regulatory obstacles.
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. 4) Order 2017 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.