Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 · 2020 Revised Edition · Part 3 · Prevention of Money Laundering, Terrorism Financing and Financing of Proliferation of Weapons of Mass Destruction
20. Additional measures relating to targeted financial sanctions, etc.
Feedback & supportA regulated dealer must perform —
regulated dealer
“regulated dealer” means any person who carries on —(a)a business of regulated dealing; or(b)business as an intermediary for regulated dealing,but excludes a pawnbroker and any other person as may be prescribed;
any prescribed measures relating to targeted financial sanctions against terrorism; and
any additional prescribed measures which are necessary or expedient to give effect to any relevant FATF Recommendation.
A regulated dealer who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.