The Singapore Terrorism Threat Assessment Report 2022 warns of heightened terrorism risks post-pandemic. Given the vulnerabilities in the PSMD sector, regulated dealers should adopt a risk-based approach and implement effective AML/CFT controls and training programmes.
Early in the year of 2019, the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“PSPM Act”) has come into force to safeguard the precious stones and precious metals dealers (PSMD) sector against money laundering/ terrorism financing (ML/TF) risks.
