Dear Esteemed Chamber Subscribers,
May the peace, mercy, and blessings of Allah be upon you.
Asharqia Chamber extends its warmest greetings to you and would like to inform you that it has received the letter of the Federation of Saudi Chambers No. (45553475/19), dated (22/2/1448 AH), referring to the Ministry of Commerce letter No. (3585), dated (15/2/1448 AH), regarding the executive summary of the results of the sectoral risk assessment of dealers in precious metals and stones (2024 – 2025).
The Federation wishes to inform you that the Ministry of Commerce has assessed the money laundering and terrorism financing risks of dealers in precious metals and stones for the period (2024-2025), and concluded that the precious metals and stones trade sector is (high risk).
Accordingly, the Federation hopes that those concerned will review the executive summary referred to, published on the Ministry of Commerce’s website at the link ( http://go.ac.sa/wyn ), and make use of its findings to enhance their understanding of the risks associated with the sector and take appropriate actions and measures to reduce the level of risk, in a way that raises and strengthens the level of compliance and effectiveness in applying the requirements of the Financial Action Task Force (FATF).
Please accept our sincere regards and appreciation.