Stiffer anti-money laundering rules for jewellers ahead

Singapore

SOME 2,500 jewellers and businesses dealing with precious stones and metals in Singapore are due to meet tighter rules to curb money laundering and terrorism financing, as called for under international standards.

Under a new Bill here, regulated dealers in precious stones and metals will have to register with the Registrar within the Ministry of Law, and carry out additional layers of checks.

These new regulations are expected to come with registration fees that have not …