Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 · 2020 Revised Edition · Part 1 · Preliminary
3. Purpose of Act
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The purpose of this Act is to combat money laundering, terrorism financing and the financing of proliferation of weapons of mass destruction in the precious stones industry and precious metals industry by —
regulating the persons who carry on a business of regulated dealing or business as intermediaries for regulated dealing; and (b)prescribing measures to prevent regulated dealing from being used to facilitate money laundering, terrorism financing or the financing of proliferation of weapons of mass destruction.
regulated dealing
“regulated dealing” means doing any of the following:(a)manufacturing any precious stone, precious metal or precious product; (b)importing or possessing for sale any precious stone, precious metal or precious product; (c)selling or offering for sale any precious stone, precious metal or precious product;(d)selling or redeeming asset‑backed tokens;(e)purchasing any precious stone, precious metal or precious product for the purposes of resale;