Section 3 — Purpose of Act

The purpose of this Act is to combat money laundering, terrorism financing and the financing of proliferation of weapons of mass destruction in the precious stones industry and precious metals industry by —

(a)regulating the persons who carry on a business of regulated dealing or business as intermediaries for regulated dealing; and

(b)prescribing measures to prevent regulated dealing from being used to facilitate money laundering, terrorism financing or the financing of proliferation of weapons of mass destruction.[Act 6 of 2024 wef 01/05/2024]