Malaysia Hotline: +603- 2141 8908
Legal
Issues arising from use
The
Singapore Freeport implements stringent security provisions including
electronic monitoring of staff clients and valuables, and deploys armed guards
around the facility. It includs a controlled temperature and humidity for the
conservation of certain collectibles.
Should you decide to entrust your collectibles to the Singapore
Freeport, and you find your collectibles
damaged or are unaccounted for, there may be a cause of action for a breach of contract or
negligence against the operator,
logistic companies and/or relevant
institutions that operate.
Money
laundering and terrorist finance
In the
course of conducting risk assessment in Singapore, the NRA identified a number
of areas for further study, including the precious stones and metals dealers
sector .The Steering Committee will be scrutinising and studying these areas to
further and better understand the relevant money laundering and terrorist
financing typologies and international best practices for addressing these
emerging risks, and to determine if any safeguards and mitigating measures are
needed.Singapore government conducted the National Risk Assessment (“NRA”) to
enhance and deepen the government’s collective understanding of money laundering
and terrorist financing in Singapore. In conducting the NRA, the Steering
Committee comprising the Ministry of Home Affairs, the Ministry of Finance and
the MAS, took reference from the Guideline on National Money Laundering and
Terrorist Financing Risk Assessment published by the Financial Action Task
Force,and so on .
Security
and Licence to operate
Eligibility
for the licensees to operate as a service provider at the Singapore Freeport
depends on a strict myriad of factors, including controls over physical
movement of the collectibles, people and vehicles entering or exiting the
Singapore Freeport. The licensees are also required to put in place a robust
inventory system to track the movement of the collectibles, and to keep records
of all supporting documents for at least five years. The Singapore Customs has
the power to enter all the locations within the Singapore Freeport to conduct
checks and perform investigations. The licensees are also subject to Singapore
anti-money laundering and countering of financing of terrorism laws and
regulations such as the Corruption, Drug Trafficking and Other Serious Crimes
Act to combat money laundering and the Terrorism Act which criminalises
terrorism financing and imposes a duty on everyone to provide information
pertaining to the terrorism financing to the Suspicious Transaction Reporting
Officer.
Contact
us
If
you have further queries, please contact Tannet
24
hours Malaysia hotline：603-21418908;
24
hours Hong Kong hotline：852-27837818;
24
hours Hong Kong hotline：86-755-
36990589;
Email:
mytannet@gmail.com
TANNET GROUP : http://www.tannet-group.net, http://en.tannet.com.my