The Ministry of Commerce, in cooperation with the Jeddah Chamber of Commerce, held two workshops today (Monday) that addressed the most notable recent amendments to the Precious Metals and Gemstones Regulation, in addition to reviewing the requirements for Anti–Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Financing, as well as the controls related to this vital sector.
During the first workshop, which was attended by establishments operating in the gold and gemstones sector in the region, specialists reviewed the technical amendments to standards and hallmarks, mechanisms for regulating the trade of gemstones, as well as the rules governing the display of pre-owned items and the controls related to withdrawn currencies. The workshop also discussed the amendments concerning the retention period for purchase invoices and sales and purchase records.
The workshop further addressed the requirements governing exhibitions specializing in precious metals and gemstones, the conditions for organizing such exhibitions and participating in them, in addition to reviewing the essential data that must be included in purchase invoices, and emphasizing the importance of complying with the Precious Metals and Gemstones Law and its Executive Regulation to avoid violations.
As for the second workshop, it focused on explaining the fundamental concepts of Anti–Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Financing, along with reviewing the risks associated with the precious metals and gemstones sector. The workshop included clarifying the preventive measures that establishments must implement to protect the sector from illicit exploitation, such as reporting suspicious transactions, applying international and local targeted financial sanctions related to terrorist financing and proliferation financing, and reviewing key red flags and prohibited behaviors.
The two workshops witnessed the participation of 38 compliance officers from establishments engaged in the sale of precious metals and gemstones in Jeddah.