{"id":2192,"date":"2022-07-12T07:51:38","date_gmt":"2022-07-12T07:51:38","guid":{"rendered":"http:\/\/localhost:8080\/fiu\/?page_id=2192"},"modified":"2022-08-03T06:19:28","modified_gmt":"2022-08-03T06:19:28","slug":"dealers-in-precious-metals-and-stones","status":"publish","type":"page","link":"https:\/\/www.fiumauritius.org\/fiu\/?page_id=2192","title":{"rendered":"Dealers in Precious Metals and Stones"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2192\" class=\"elementor elementor-2192\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c1d3b5a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c1d3b5a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-464e6a6\" data-id=\"464e6a6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-df8c20b elementor-widget elementor-widget-spacer\" data-id=\"df8c20b\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d4cd3ec elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d4cd3ec\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f6cdfbe\" data-id=\"f6cdfbe\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f70190e elementor-widget elementor-widget-heading\" data-id=\"f70190e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Dealers in Precious Metals and Stones <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4273283 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4273283\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-fa0a5e2\" data-id=\"fa0a5e2\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0691026 elementor-nav-menu--dropdown-tablet elementor-nav-menu__text-align-aside elementor-nav-menu--toggle elementor-nav-menu--burger elementor-widget elementor-widget-nav-menu\" data-id=\"0691026\" data-element_type=\"widget\" data-settings=\"{&quot;layout&quot;:&quot;vertical&quot;,&quot;submenu_icon&quot;:{&quot;value&quot;:&quot;&lt;i class=\\&quot;\\&quot; aria-hidden=\\&quot;true\\&quot;&gt;&lt;\\\/i&gt;&quot;,&quot;library&quot;:&quot;&quot;},&quot;toggle&quot;:&quot;burger&quot;}\" data-widget_type=\"nav-menu.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<nav aria-label=\"Menu\" class=\"elementor-nav-menu--main elementor-nav-menu__container elementor-nav-menu--layout-vertical e--pointer-background e--animation-shutter-out-vertical\">\n\t\t\t\t<ul id=\"menu-1-0691026\" class=\"elementor-nav-menu sm-vertical\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2201\"><a href=\"https:\/\/www.fiumauritius.org\/fiu\/?page_id=2150\" class=\"menu-link elementor-item\">Register with FIU<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2203\"><a href=\"https:\/\/www.fiumauritius.org\/fiu\/?page_id=2196\" class=\"menu-link elementor-item\">AML\/CFT Obligations<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-2204\"><a href=\"\/fiu\/?page_id=2496\" class=\"menu-link elementor-item\">File a Suspicious Transaction Report<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2960\"><a href=\"https:\/\/www.fiumauritius.org\/fiu\/?page_id=2539\" class=\"menu-link elementor-item\">Training &#038; Outreach<\/a><\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t\t<div class=\"elementor-menu-toggle\" role=\"button\" tabindex=\"0\" aria-label=\"Menu Toggle\" aria-expanded=\"false\">\n\t\t\t<i aria-hidden=\"true\" role=\"presentation\" class=\"elementor-menu-toggle__icon--open eicon-menu-bar\"><\/i><i aria-hidden=\"true\" role=\"presentation\" class=\"elementor-menu-toggle__icon--close eicon-close\"><\/i>\t\t<\/div>\n\t\t\t\t\t<nav class=\"elementor-nav-menu--dropdown elementor-nav-menu__container\" aria-hidden=\"true\">\n\t\t\t\t<ul id=\"menu-2-0691026\" class=\"elementor-nav-menu sm-vertical\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2201\"><a href=\"https:\/\/www.fiumauritius.org\/fiu\/?page_id=2150\" class=\"menu-link elementor-item\" tabindex=\"-1\">Register with FIU<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2203\"><a href=\"https:\/\/www.fiumauritius.org\/fiu\/?page_id=2196\" class=\"menu-link elementor-item\" tabindex=\"-1\">AML\/CFT Obligations<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-2204\"><a href=\"\/fiu\/?page_id=2496\" class=\"menu-link elementor-item\" tabindex=\"-1\">File a Suspicious Transaction Report<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-2960\"><a href=\"https:\/\/www.fiumauritius.org\/fiu\/?page_id=2539\" class=\"menu-link elementor-item\" tabindex=\"-1\">Training &#038; Outreach<\/a><\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-997eda5\" data-id=\"997eda5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c5f1c9d elementor-widget elementor-widget-text-editor\" data-id=\"c5f1c9d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tPursuant to <strong>Part I of the First Schedule<\/strong> of the Financial Intelligence and Anti-Money Laundering Act 2002, the FIU has been designated as the AML\/CFT Regulator for Dealers in Precious Metals and Stones (DPMS). Under FIAMLA, dealers are persons who engage in any transaction of at least 500,000 rupees in total, whether the transaction is executed in a single transaction or in multiple linked transactions. Dealers play a key role in detecting money laundering and financing of terrorism and proliferation schemes. Under FIAMLA, the following terms are defined:\n\n\u2018Dealers in jewellery, precious stones or precious metals\u2019 means:\n<ol>\n \t<li>a person who deals in jewellery, precious stones or precious metals; and<\/li>\n \t<li>includes a person who \u2013\n<ul>\n \t<li>Manufactures, processes, buys, sells, imports or export jewellery or supplies jewellery for sale;<\/li>\n \t<li>Processes, buys, sells or imports precious metals or exports melted precious;<\/li>\n \t<li>Or, processes, buys, sells or imports precious stones<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\u2018Jewellery\u2019 means any article made of precious metal or its allow, and which exceeds one gramme.\n\n\u2018Precious metal\u2019 means gold, silver, platinum or palladium; and includes any object which is composed of gold, silver, platinum or palladium\n\n\u2018Precious stone\u2019 means diamond, sapphire, ruby, emerald, alexandrite or tanzanite.\n\nAs the AML\/CFT regulator for the DPMS sector, the FIU is mandated to ensure compliance by dealers with the FIAMLA, the UN Sanctions Act, and any regulations and guidelines issued under these Acts. The FIU is empowered to:\n<ul>\n<li>request information or records from its members in the discharge of its functions.<\/li>\n<li>conduct inspections (offsite and onsite);<\/li>\n<li>require members to submit a report on corrective measures it is taking to ensure compliance with the relevant legislation;<\/li>\n \t\n \t<li>give directions to members falling under its purview; and<\/li>\n \t\n \t<li>impose administrative sanctions under section 19N of the FIAMLA.<\/li>\n \t\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Dealers in Precious Metals and Stones Pursuant to Part I of the First Schedule of the Financial Intelligence and Anti-Money Laundering Act 2002, the FIU has been designated as the AML\/CFT Regulator for Dealers in Precious Metals and Stones (DPMS). Under FIAMLA, dealers are persons who engage in any transaction of at least 500,000 rupees &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/www.fiumauritius.org\/fiu\/?page_id=2192\"> <span class=\"screen-reader-text\">Dealers in Precious Metals and Stones<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2192","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.fiumauritius.org\/fiu\/index.php?rest_route=\/wp\/v2\/pages\/2192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fiumauritius.org\/fiu\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.fiumauritius.org\/fiu\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.fiumauritius.org\/fiu\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fiumauritius.org\/fiu\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2192"}],"version-history":[{"count":4,"href":"https:\/\/www.fiumauritius.org\/fiu\/index.php?rest_route=\/wp\/v2\/pages\/2192\/revisions"}],"predecessor-version":[{"id":2961,"href":"https:\/\/www.fiumauritius.org\/fiu\/index.php?rest_route=\/wp\/v2\/pages\/2192\/revisions\/2961"}],"wp:attachment":[{"href":"https:\/\/www.fiumauritius.org\/fiu\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}