The Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act
The Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act was passed on 10 April 2019 to establish a regulatory regime to safeguard against money laundering and terrorism financing (ML/TF) amongst precious stones and precious metals dealers (PSMD).
Under this PSPM Act, all PSMDs have to register with the Registrar of Regulated Dealers by 9 October 2019. After this date, it would be an offence for any person to act as or hold out to be a regulated dealer without registration, unless exempted. Any person convicted of this offence shall be liable to a fine not exceeding S$75,000 or to imprisonment for a term not exceeding 3 years, or to both. In the case of a continuing offence, one shall be liable to a further fine, not exceeding S$7,500, for every day or part of a day during which the offence continues after conviction. Ministry of Law (MinLaw) will take the appropriate enforcement actions against regulated dealers who breach the requirements.