Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)

Schedule 3   Regulating additional high-risk services

Part 2   Dealers in precious metals and stones

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

5   After section 5

Insert:

5A Precious metal, precious stones and precious products

Precious metal

(1) Each of the following substances is a precious metal :

(a) gold;

(b) silver;

(c) platinum;

(d) iridium;

(e) osmium;

(f) palladium;

(g) rhodium;

(h) ruthenium;

(i) a substance prescribed by the AML/CTF Rules;

(j) an alloy substance with at least 2% in weight of any of the substances mentioned in paragraphs (a) to (i).

(2) For the purposes of subsection (1), it is immaterial whether the substance is in a manufactured or unmanufactured state.

Precious stones

(3) A precious stone is a substance that:

(a) has gem quality; and

(b) has market-recognised beauty, rarity and value.

(4) For the purposes of subsection (3), it is immaterial whether the substance is natural, synthetic or reconstructed.

(5) Without limiting subsection (3), each of the following substances is a kind of precious stone :

(a) beryl;

(b) corundum;

(c) diamond;

(d) garnet;

(e) jadeite jade;

(f) opal;

(g) pearl;

(h) topaz;

(i) a substance prescribed by the AML/CTF Rules.

Precious products

(6) A precious product is any of the following that is made up of, containing or having attached to it, any precious metal or precious stone, or both:

(a) jewellery;

(b) a watch;

(c) an object of personal adornment not otherwise covered by paragraph (a) or (b);

(d) an article of goldsmiths' or silversmiths' wares.

Examples: A stainless steel watch with rubies set on the watch face, a platinum tie bar or a gold and pearl necklace.

(7) In subsection (6):

goldsmiths' or silversmiths' wares include such articles as ornaments, tableware, smokers' requisites and other articles of personal, household, office or religious use.