Some gem dealers yet to take a shine to proposed rules against unlawful transactions

If the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill is passed, jewellery dealers will have to conduct risk assessments against money laundering and terrorism financing. They will also have to regis
If the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill is passed, jewellery dealers will have to conduct risk assessments against money laundering and terrorism financing. They will also have to register with the Law Ministry and conduct audits.ST FILE PHOTO

But other retailers say stricter measures will safeguard against unlawful transactions in industry

Customers shelling out more than $20,000 in cash for jewellery is not a common occurrence for goldsmiths along the Little India stretch.

And since such deals are hard to come by, some jewellery retailers fear that proposed new laws aimed at weeding out financial crime in the precious stones and metals sector could chase away customers.

TO READ THE FULL ARTICLE

Thank you for reading The Straits Times

You have reached one of our Premium stories. To continue reading, get access now or log in if you are a subscriber.

What is Premium?

A version of this article appeared in the print edition of The Straits Times on January 22, 2019, with the headline 'Some gem dealers yet to take a shine to proposed new rules'. Print Edition | Subscribe