Singapore Increases Oversight Of Precious Metal Dealers
by Mary Swire, Lowtax.net, Hong Kong
10 October, 2014
To counter money laundering and the financing of terrorism, Singapore will implement a cash transaction reporting regime for dealers of precious stones and metals from October 15 this year.
These dealers will now have to file a cash transaction report (CTR) with the Suspicious Transaction Reporting Office of Singapore Police Force's Commercial Affairs Department within 15 business days of conducting any cash transaction exceeding SGD20,000 (USD15,640), or its equivalent in foreign currency, which involving these goods.
They will also have to determine the identity of the customer and inquire if the customer is acting on behalf of a third party. If so, the dealer would be required to also determine the identity of the third party; record the details of each cash transaction; and maintain such records for a period of five years from the date of submission of the CTR. They will also be required to put in place internal controls to prevent money laundering and the financing of terrorism.
It is anticipated that, by requiring dealers to report large cash transactions, Singapore will be able to better detect, investigate, and prosecute money launderers and those financing terrorism activities. The adoption of the measure is in line with international standards set by the Financial Action Task Force.
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