Centro de Documentação da PJ
Analítico de Periódico
CD 324
The anti-money laundering framework for precious stones and metals dealers in Singapore [Recurso eletrónico] / Vincent Ooi
Journal of Money Laundering Control, Vol. 25, n.3 (2022), p. 691-699
BRANQUEAMENTO DE CAPITAIS, TRÁFICO DE METAIS RAROS, PEDRA PRECIOSA, SINGAPURA
Purpose – Precious stones and metals have commonly been used throughout the world as a conduit for terrorism and money laundering activities. Such illicit use of these assets has called for its much-needed attention from a regulatory perspective. This is particularly relevant in a financial haven such as Singapore. Accordingly, the purpose of this paper is to explore how several of the most common trading and investment activities involving precious stones and metals in Singapore are regulated. Design/methodology/approach – The research explores activities include the trading of – the storing or custodising of – and the current available savings plans involving the use of precious stones and metals. It is based mainly on information collected from various legal sources such as books, domestic legislation and international papers issued by the Financial Action Task Force and the Asia Pacific Group on Money Laundering. Findings – With the author’s findings, the analysis may prove useful for businesses seeking to navigate the regulatory landscape for precious stones and metals in Singapore, for investors seeking to understand the protection offered to them under the regulatory framework and for other jurisdictions seeking to evaluate and refine their existing framework for regulating precious stones and metals. Originality/value – To the author’s knowledge, this is the first substantive academic study which analyses the regulatory landscape for the use of precious stones and metals under the Singapore Law.
