Singapore legislation
Clause 3
of Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill
Clause 3
Purpose of Act
The purpose of this Act is to combat money laundering and terrorism financing in the precious stones industry and precious metals industry by —
(a)
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 or terrorism financing.