MinLaw – Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill


Singapore, 12 February 2019

Please find below message from the Ministry of Law for your information.

Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill

  1. We wish to inform you that the Precious Stones and Precious Metals (Prevention of ML/TF) Bill has been tabled for Second Reading and passed in Parliament yesterday (11 Feb 2019). The Bill seeks to establish an AML/CFT regime which will raise AML/CFT standards in the PSMD sector and strengthen Singapore’s AML/CFT framework.
  2. The Second Reading Speech by Senior Minister of State for Law, Mr Edwin Tong, on the Precious Stones and Precious Metals (Prevention of ML/TF) Bill can be found on the following link:
    https://www.mlaw.gov.sg/content/minlaw/en/news/parliamentary-speeches-and-responses/second-reading-speech-sms-edwin-tong-prevention-of-money-laundering-terrorism-financing-bill.html
  3. Registration is expected to commence in early second quarter of 2019. More information on the registration process will be provided at a later date.

The information above will also be part of the “Briefing/Presentation for SBMA Members on AML/CFT on the PSMD Sector” organised by SBMA on 15 Feb (Fri). — please include hyperlink to our seminar page.

Read more here – link to this page: https://www.mlaw.gov.sg/content/minlaw/en/news/parliamentary-speeches-and-responses/second-reading-speech-sms-edwin-tong-prevention-of-money-laundering-terrorism-financing-bill.html