The Ministry of Commerce warned dealers in precious metals and gemstones against filing suspicion reports of money laundering without actual and reasonable justifications.

This step aims to correct erroneous practices and improve the quality of reports to protect the national economy.

Evaluation of Reports

The ministry explained that this measure comes after monitoring unjustified suspicion reports in coordination with the General Administration for Financial Investigations. It pointed out that the directive was issued following a comprehensive assessment of the quality of reports received from practitioners of this activity.

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The Ministry of Commerce highlighted the importance of adhering to Article 15 of the Anti-Money Laundering Law, which requires immediate reporting upon actual suspicion. It emphasized that the proper procedure requires providing the relevant authorities with a detailed report containing data on the transaction and the related parties.

Guide for Metal Dealers

The ministry called on sector dealers to refer to the guide designated for precious metals and gemstone traders to evaluate financial transactions objectively. It stated that the guide includes precise warning indicators designed to assist traders before filing any report. It stressed the need for immediate response to requests from the General Administration for Financial Investigations when additional information is requested to complete investigations. It added that adherence to these requirements ensures the accuracy of oversight operations and strengthens efforts to combat money laundering and terrorist financing.