‘Stricter monitoring of gold buying, selling no problem for jewellers’

AMMAN — Although the government is enforcing more monitoring measures over gold buying and selling as part of anti-money laundering and anti-terrorism financing efforts, jewellers downplayed concerns, saying precautionary measures have long been in place. 

Under the 2014 Anti- Money Laundering and Counter Terrorism Financing Law, gold merchants are required to employ intensive checks to identify buyers and sellers of the precious metal.

The law stipulates stricter measures when the value of the transaction exceeds JD10,000, requiring detailed personal data of buyers and sellers.  

Jewellers are also not allowed to deal with people of unknown identities or with fake banks and companies.

The 2014 amendments to the 2007 Anti-Money Laundering and Counter Terrorism Financing Law were published in the Official Gazette on August 18.

However, the Jordan Jewellers Association affirmed that it has been the norm in Jordan for decades that the purchase and sale of gold is carried out under a strict control system.

In remarks to The Jordan Times, the association’s secretary, Rebhy Allan, said individuals cannot sell their gold unless they have a stamped receipt showing its place of origin. 

“There is no need for a new monitoring system. The receipt system is enough in itself,” Allan added.

He also said that the receipt contains full personal details about the seller, who has to provide his/her identification card or passport to confirm the accuracy of the provided information.

“The same procedures apply to foreigners; we don’t sell or buy gold from foreigners who don’t provide a receipt and personal identification documents,” Allan noted.