Reporting obligations under money laundering law may extend to bullion and jewellery dealers when notified, currently not notified.
Amendment to money laundering legislation strengthens the framework to prevent money laundering and counter financing of terrorism by expanding reporting and compliance duties for designated business and profession. The law contemplates that a "dealer" in precious metals, precious stones and other high value goods may be included in the reporting regime upon Central Government notification; bullion and jewellery traders have requested exclusion and such dealers have not yet been notified.