Saudi Arabia is stepping up scrutiny of its precious metals and gemstones sector as part of efforts to combat money laundering, with the government instructing traders to report suspicious financial transactions through an online platform known as "Taqasiy."
The Ministry of Commerce has ordered all businesses in the sector to register on the platform and provide the names of registrants. Traders facing technical difficulties were told to contact the General Department of Financial Investigation at the Presidency of State Security.
The measures are based on regulations granting the ministry supervisory powers over the trade in precious metals and gemstones, including gold and items coated or inlaid with them.
They also align with Saudi Arabia’s Anti-Money Laundering Law and the Anti-Terrorism and Terror Financing Law, which oblige dealers to notify authorities immediately if they suspect funds may be linked to criminal activity or laundering.
The ministry stressed that traders must file reports through Taqasiy by filling out a standard form accessible via a dedicated link.
Last year, the ministry published a guidance manual for combating money laundering and terror financing in the sector, noting that cross-border money flows had made the trade more vulnerable to abuse.
Riyadh has made tackling illicit finance a policy priority, enacting a strict framework that extends beyond banks to cover non-financial professions such as jewelers. In 2017, the Kingdom replaced its anti-money laundering law with a tougher version designed to meet international standards, and its cabinet later approved a national strategy and action plan to counter money laundering and terror financing.
