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Legal Policy for Singapore Freeport

Update Date:2019-9-20 10:12:31     Source:www.3737580.com     Views:643

Singapore Freeport Service
Hotline: 86-755-82147392, Email:2355725105@qq.com

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, don’t hesitate to contact ATAHK anytime, anywhere by simply visiting ATAHK’s website www.3737580.net , or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82148419, or emailing to 2355725105@qq.com.

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