JULY 17, 2018
DEALERS of precious stones and metals could soon have to register with the authorities, under a regulatory regime proposed by the Ministry of Law on Tuesday.
New rules, designed to manage money laundering and terrorism financing risks in the industry, would also require dealers to have measures in place to mitigate any such risks posed by customers and transactions.
Dealers already have to abide by a cash transaction reporting regime that mandates customer due diligence for cash deals of S$20,000 or more, under existing rules to crack down on corruption, drug trafficking and other serious crimes.