New Compliance Protocol for Precious Metal Traders Dealing with PEPs

The tax authorities have mandated that gemstone and precious metal traders must secure prior authorization before initiating or maintaining business dealings with politically exposed persons (PEPs). This directive, outlined in a new guidance note from the Directorate General of Taxes (DGI), emphasizes the sector's obligation to adhere to current legal frameworks. The move is designed to ensure rigorous oversight in the prevention of money laundering, terrorist financing, and the financing of weapons of mass destruction proliferation.