What is money laundering and terrorism financing?
Money laundering (“ML”) is the process of concealing the proceeds of a crime so that they appear to have originated from legitimate sources. Terrorism financing (“TF”) is the funding of terrorism or terrorist groups, either via legitimate or illegitimate means.
Who are registered dealers?
Registered dealers are regulated by the Ministry of Law under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“PSPM Act”) for the prevention of ML and TF only. The Ministry of Law does not audit, supervise or certify the registered dealer for any other purpose.
Hence, registered dealers are not allowed to represent or suggest that their businesses have been approved or endorsed by the Ministry of Law in any way. They are to also ensure that their websites, representations and publicity materials do not cause the public to misconstrue that the Registrar of Regulated Dealers is regulating them beyond anti-money laundering and countering the financing of terrorism (“AML/CFT”) matters. Customers should exercise due caution and the Ministry of Law makes no warranty or representation as to any aspect of the business of the registered dealer.
Investments are not covered under the regulations.
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