RIYADH, 2 August — The Ministry of Commerce has stressed the need to implement the regulations governing precious metals and stones as part of the Kingdom’s fight against money laundering.
In a circular to the Council of Saudi Chambers of Commerce and Industry, the ministry said sales of precious stones and metals should be supported by detailed bills containing information on the seller of the item and the nature of the deal with the buyer. The seller should also keep records stating the source of the precious material.
The customer should also be supplied with a copy of the record containing details of the item he bought, such as weight and other descriptions. Jewelers and manufacturers should keep the records at least for one year, according to the regulation. They should not buy precious stones or metals from doubtful sources.
These measures are being implemented to protect the interests of jewelers from possible actions against money laundering operations. International monitoring of doubtful deals and money laundering operations have been tightened following the Sept. 11 attacks in the United States. Such steps are being taken in all GCC countries.
