The Ministry of Commerce, in cooperation with the Chamber of Commerce in Madinah, organized two workshops, which covered “the new updates in the Precious Metals Regulation” and “an introduction to Anti–Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing in the precious metals and gemstones sector, along with the related procedures and measures.”
The two workshops aim to raise and enhance traders’ awareness of the requirements and obligations related to Anti–Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing, as well as the key additions included in the new Precious Metals and Gemstones Regulation, through which the Ministry outlined the types of precious metals and gemstones and the controls governing their trading.
The first workshop, which witnessed the participation of institutions and companies operating in the precious metals and gemstones activity in the region, addressed the technical amendments regarding standards and hallmarks, the mechanisms for controlling the trading of gemstones, in addition to the regulations governing the display of pre-owned items, the controls related to withdrawn currencies, and the amendments to the retention period of purchase invoices and sales and purchase records.
The workshop also addressed the rules and requirements for commercial exhibitions related to precious metals and gemstones, the conditions for holding such exhibitions and participating in them, in addition to the required data that must be included on purchase invoices, and raising awareness of and warning against violations of the Precious Metals and Gemstones Law and its Executive Regulation.
As for the second workshop, it covered an explanation of the concepts related to Anti–Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing, including the risks associated with the precious metals and gemstones activity. It also addressed the procedures and measures that practitioners in the precious metals and gemstones sector must adhere to in order to protect the sector from being exploited in money laundering, terrorist financing, and proliferation financing activities, including reporting suspicious financial transactions and implementing the UN and local targeted financial sanctions related to terrorist financing and proliferation financing, as well as key behaviors and indicators of suspicion.
The workshop was attended by approximately (50) participants representing compliance officers in several establishments engaged in the precious metals and gemstones activity in the Madinah region. These two workshops come as part of the Ministry’s efforts aimed at raising and increasing traders’ awareness of topics and updates related to regulations and instructions, and achieving the highest level of compliance.
