Statute Details
- Title: Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 5) Order 2010
- Act Code: TSFA2002-S373-2010
- Legislation Type: Subsidiary legislation (Order)
- Authorising Act: Terrorism (Suppression of Financing) Act (Cap. 325)
- Enacting Authority: Minister for Home Affairs
- Key Enabling Provision: Section 7(1) of the Terrorism (Suppression of Financing) Act
- Citation: SL 373/2010
- Commencement: 9 July 2010
- Status: Current version as at 27 March 2026
- Core Mechanism: Individual exemption from the “prohibition against dealing” in specified circumstances
What Is This Legislation About?
The Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 5) Order 2010 is a narrowly tailored exemption order made under Singapore’s terrorism financing framework. In plain terms, it allows a specific individual to carry out a defined transaction involving shares that would otherwise be prohibited under the Terrorism (Suppression of Financing) Act.
The underlying Act (Cap. 325) is designed to prevent and disrupt the financing of terrorism. A central tool in such regimes is the imposition of prohibitions and restrictions on “dealing” with assets or property connected to terrorism-related persons. However, the legal framework also recognises that rigid prohibitions may, in exceptional cases, cause practical hardship or enable legitimate administrative or financial steps—hence the availability of exemptions.
This particular Order does not create a general rule for all persons. Instead, it identifies one named individual and authorises a specific set of actions: the sale of a specified number of shares in companies listed in the Schedule, conducted through a named bank, and the return of the sale proceeds to the individual’s ordinary account with the Central Provident Fund Board. The Order therefore functions as a controlled “release valve” within the broader prohibition regime.
What Are the Key Provisions?
Section 1 (Citation and commencement) provides the formal identification and timing of the Order. It states that the Order may be cited as the “Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 5) Order 2010” and that it comes into operation on 9 July 2010. For practitioners, this is important because exemptions must be effective at the time the relevant dealing occurs; otherwise, any transaction could be treated as a breach of the Act’s prohibition.
Section 2 (Exemption) is the operative provision. It exempts Mohamed Yassin s/o O P Mohamed Nooh (NRIC No. S1345373Z) from the application of section 6 of the Act—but only in respect of a specific dealing. The exemption is limited to the sale of a total of 20,877 shares in the companies specified in the Schedule, and only where the sale is carried out through DBS Bank.
The exemption is also conditioned by the handling of proceeds. The Order further provides that the individual is exempted not only to sell the shares, but also to return the proceeds from such sale to his ordinary account with the Central Provident Fund Board. This matters because terrorism financing controls typically focus not only on the act of dealing, but also on what happens to the resulting funds. By specifying the destination of proceeds, the Order aims to ensure that the transaction does not undermine the protective purpose of the Act.
The Schedule (referenced in Section 2) identifies the companies whose shares are covered by the exemption. Although the extract provided does not reproduce the Schedule contents, the legal effect is clear: the exemption is not a blanket permission to sell any shares. It is confined to shares in the particular companies listed in the Schedule. Practically, counsel should treat the Schedule as essential to compliance—any deviation (different company, different share class, or different quantity) would likely fall outside the exemption.
Enacting formula and ministerial power confirm that the Order is made in exercise of powers conferred by section 7(1) of the Terrorism (Suppression of Financing) Act. This indicates that exemptions are not discretionary in an open-ended way; they are grounded in a statutory power that contemplates controlled exceptions to the prohibition against dealing. For legal analysis, this supports the view that the exemption must be interpreted strictly according to its terms.
How Is This Legislation Structured?
This Order is structured in a very concise format typical of exemption orders. It contains:
(a) Enacting formula stating the legal basis for the Minister’s power (section 7(1) of the Act) and the making of the Order.
(b) Section 1 on citation and commencement.
(c) Section 2 on the specific exemption granted to the named individual, including the transaction scope (sale of 20,877 shares), the dealing channel (through DBS Bank), and the proceeds handling (return to the individual’s ordinary account with the Central Provident Fund Board).
(d) The Schedule listing the companies whose shares are covered by the exemption.
Notably, there are no additional parts, definitions, or procedural provisions in the extract. The legal work therefore turns on reading Section 2 together with the Schedule and ensuring that any transaction aligns precisely with the specified parameters.
Who Does This Legislation Apply To?
The Order applies to one person: Mohamed Yassin s/o O P Mohamed Nooh (NRIC No. S1345373Z). It does not create rights or obligations for other individuals, even if they are similarly situated under the Act. The exemption is personal and fact-specific.
In terms of subject matter, the exemption applies to the sale of shares in the companies specified in the Schedule, and only when the sale is conducted through DBS Bank. It also applies to the return of sale proceeds to the individual’s ordinary account with the Central Provident Fund Board. Accordingly, the Order’s practical reach is limited to a defined dealing transaction and a defined proceeds pathway.
Why Is This Legislation Important?
Although the Order is short, it is legally significant because it demonstrates how Singapore balances two competing imperatives: (1) the need to suppress terrorism financing through asset controls, and (2) the need to allow limited, supervised exceptions where appropriate. For practitioners, this is a useful example of how exemptions operate within the Terrorism (Suppression of Financing) Act framework.
From an enforcement and compliance perspective, the Order underscores that exemptions are strictly bounded. The prohibition against dealing in section 6 of the Act is not removed generally; it is lifted only for the specified individual and only for the specified transaction. This means that any attempt to extend the exemption—such as selling a different number of shares, selling shares in companies not listed in the Schedule, using a different financial intermediary than DBS Bank, or routing proceeds to a different account—could expose the person (and potentially the parties facilitating the transaction) to legal risk.
From a transactional standpoint, the Order also highlights the importance of process and documentation. Banks, brokers, and compliance teams typically require clear evidence of the legal basis for any dealing involving restricted persons. The Order’s specificity—named individual, exact share quantity, named bank, and specified proceeds destination—provides the compliance “audit trail” that financial institutions need to justify the transaction under the law.
Finally, the Order illustrates the practical role of the Central Provident Fund Board in the proceeds handling. By directing proceeds to an “ordinary account” with the CPF Board, the Order suggests a controlled and regulated mechanism for holding funds, rather than allowing proceeds to be freely used or transferred elsewhere. This aligns with the broader policy objective of preventing the conversion of restricted assets into usable funds for terrorism-related purposes.
Related Legislation
- Terrorism (Suppression of Financing) Act (Cap. 325) — particularly sections 6 (prohibition against dealing) and 7(1) (power to make exemption orders)
- Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) Orders (other numbered orders) — similar exemption instruments made under section 7(1)
Source Documents
This article provides an overview of the Terrorism (Suppression of Financing) (Exemption from Prohibition against Dealing) (No. 5) Order 2010 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.