Page 13 - Bullion World Volume 3 Issue 9 September 2023

Bullion World | Volume 3 | Issue 9 | September 2023

Mr Bhargava Vaidya, Mr Vaidya also spoke about the
BN Vaidya & Associates Financial Task Force (FATF), which
started with the history of money was formed at the 1989 G7 Summit
laundering in Paris to combat the growing
• Bank Secrecy Act of 1970 problem of money laundering and
• Money Laundering Control Act, to set standards and promote
1986 effective implementation of legal,
• Anti-Drug Abuse Act, 1988 regulatory and operational measures
• Annunzio-Wylie Anti-Money for combating money laundering,
Laundering Act, 1992 terrorist financing and other related
• Money Laundering Suppression threats to the integrity of the
Act, 1994 international financial system. The
• Money Laundering and Financial FATF is considered the global money
Crimes Strategy laundering and terrorist financing
Act, 1998 watchdog. Mr Bhargava Vaidya
• USA PATRIOT Act, 2001
• Intelligence Reform & Terrorism
Prevention Act, 2004.

The speaker detailed the recommendations regarding the FATF, which are as follows:-
The 40 Recommendations are divided into seven distinct areas:

• AML/CFT Policies and coordination persons and arrangements
• Money laundering and confiscation • Powers and responsibilities of competent authorities
• Terrorist financing and financing of proliferation and other institutional measures
• Preventive measures • International cooperation.
• Transparency and beneficial ownership of legal

In addition to the above, Mr Bhargava presented insightful information on the PMLA guidelines followed by various other
countries like Singapore, Hong Kong, UAE and India, which is detailed in the slides below:-

SINGAPORE (APG) WHO HAS TO REGISTER
PRECIOUS STONES AND PRECIOUS METALS • manufacturing any precious stone, precious metal or
(PREVENTION OF MONEY LAUNDERING precious product;
AND TERRORISM FINANCING) ACT, 2019 • importing or possessing for sale any precious stone,
precious metal or precious product;
MONEY LAUNDERING • selling or offering for sale any precious stone,
• Part 2, 3 or 5; precious metal or precious product;
• sections 50 to 57 of the Corruption, Drug Trafficking • selling or redeeming asset-backed tokens;
and Other Serious Crimes (Confiscation of Benefits) • purchasing any precious stone, precious metal or
Act 1992; precious product for the purposes of resale;
• the Terrorism (Suppression of Financing) Act 2002; • Or intermediaries thereof above.
• any regulations made under the United Nations Act
2001; HONGKONG (APG)
• any provision of any other written law relating to • Expanding of Anti Money Laundering and Counter
the prevention of money laundering or terrorism Terrorist Financing legislation
financing; or • on 7th December, 2022
• the law of any foreign country or territory relating • Dealers of Precious Metals and stones covered from
to the prevention of money laundering or terrorism 1st April, 2023.
financing;

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