Edwin Tong responds to questions on new rules for dealers in precious stones and metals

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Edwin Tong responds to questions on new rules for dealers in precious stones and metals

(Updated: )

In Parliament on Monday (Feb 11), Senior Minister of State for Law Edwin Tong addressed concerns raised by two MPs about proposed new rules for dealers in precious gems and metals. He clarified that the Bill does not apply to individuals, unless a pattern emerges that shows a person is repeatedly gaining from buying and selling such items. Furthermore, dealers will not be expected to share buyer information with competitors to uncover instances of multiple purchases being made to get around the threshold for customer due diligence checks. The Bill was passed.

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