MinLaw issues code of practice on anti-money laundering measures for precious stones and precious metals dealers to combat scam-related money laundering cases

25 May 2026

On 2 April 2026, the Registrar of Regulated Dealers issued the Code of Practice: Anti-Money Laundering Measures for Precious Stones and Precious Metals Dealers to Combat Scam-related Money Laundering Cases (“CoP”). The Ministry of Law (“MinLaw”) has worked closely with the Singapore Police Force and identified precious stones and precious metals dealers (“PSMDs”) as a critical intervention point to disrupt scams. The CoP seeks to provide PSMDs with clear and practical guidance on measures that should be adopted to mitigate scam-related risks and strengthen early intervention.

The CoP has been developed in response to the evolving scam landscape in Singapore, where PSMDs are increasingly being exploited by scammers as part of scam typologies involving the purchase and subsequent handover of high value physical assets, such as gold bullion, jewellery, and luxury watches. In many cases, scam victims are instructed by scammers impersonating government officials to perform such purchases before transferring the items to scammers, often under time pressure and with limited opportunity for intervention.

This CoP sets out the anti-money laundering (“AML”) measures that PSMDs should incorporate into their business processes to combat scam-related money laundering (“ML”) cases. The objectives of the CoP are to:

  • highlight scam typologies involving the use of precious metals, jewellery, and luxury watches as a money laundering vehicle;
  • equip PSMDs with knowledge on red flags in customer transactions; and
  • establish clear response measures when suspicious activities are detected.

The CoP adopts a structured ACT framework, which requires PSMDs to carry out the following:

  • Add immediate intervention by asking the customer for reasons behind the purchase;
  • Check for the customer’s behaviour using the various anti-scam information; and
  • Tell customers that they should call the ScamShield Helpline at 1799 or 999 if they are under instructions to make the purchases.

The ACT framework is intended to be applied in situations where transactions or customer behaviour present heightened scam risk. PSMDs may implement additional internal anti-scam measures beyond those specified in the CoP.

The CoP complements existing obligations under the Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Act 2019 and its subsidiary legislation.

Reference materials

The following materials are available on the MinLaw website acd.mlaw.gov.sg: