China imposes new reporting rule on high-value valuable metals and Gemstone purchases

China will tighten oversight of huge money transactions within the valuable metals and gemstone markets starting this Friday. Underneath new rules, any single or cumulative every day money buy of gold, diamonds, or different valuable supplies valued at 100,000 yuan (roughly $13,900 USD) or extra—together with equal quantities in foreign exchange—should be reported to authorities.

Monetary establishments and related sellers are required to submit transaction particulars to the China Anti-Cash Laundering Monitoring and Evaluation Heart inside 5 enterprise days.

The measure is aimed toward strengthening China’s efforts to fight cash laundering and enhance transparency in high-value money dealings, significantly in sectors traditionally susceptible to illicit monetary exercise.

This text was written by Aaron Cutchburt at investinglive.com.