The Government has recently amended the Money Laundering Act. The objectives of recent amendment in Prevention of Money-laundering Act, 2002 is to strengthen the legislative and administrative framework of the country to prevent money laundering and countering financing of terrorism and capabling to handle the new evolving threats. Bullion traders have expressed that Germs and jewellery sector be kept out of the purview of Prevention of Money-laundering Act. The Act imposes reporting obligations on person carrying on designated business and profession, which would include dealer in precious metals, precious stones and other high value goods as and when notified by the Central Government. At present they have not been notified.
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