Singapore Passes New Law To Tackle Money Laundering

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Dealers in precious stones and metals will have to register with the Law Ministry and carry out stricter checks on clients under new laws passed in Parliament yesterday.

Senior Minister of State for Law Edwin Tong said the ministry has streamlined the requirements in the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill, based on industry feedback.

For instance, the registration process will go fully digital, thereby reducing the burden of compliance.

The law is part of efforts to boost Singapore’s standards of anti-money laundering and countering the finance of terrorism.

Mr Tong said his ministry will continue to work with dealers of precious stones and metals to help them comply with the new rules.

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