Dealers in Precious Metals or Stones (DPMS)
Under Article (1) of Law No. (20) of 2019 on Combatting Money Laundering and Terrorism Financing, DPMS are considered among the designated non-financial businesses and professions (DNFBPs) whenever they participate in cash transactions equal to or exceeding a threshold of (QR 50,000) fifty thousand Qatari Riyals. Cash transactions may be a one-off transaction or several transactions that appear to be linked.
For access to and clarification of the obligations of DPMS in terms of the AML/CFT and reporting suspicious transactions requirements in this Law, Council of Ministers’ Decision No. (41) of 2019 on Promulgating the Implementing Regulations of this Law and the AML/CFT Compliance Rules for Auditors, Dealers in Precious Metals or Precious Stones and Trust and Company Service Providers, please refer to the following:
Pursuant to Law No. (4) of 2022 on Regulating the Use of Cash in Transactions, the use of cash is hereby prohibited in transactions relating to the sale, purchase, or lease of precious metals, precious stones, and jewellery where the transaction value exceeds the prescribed threshold of fifty thousand Qatari Riyals (QAR 50,000), or its equivalent in foreign currency.
To clarify the obligations of dealers in precious metals and precious stones (DPMS) arising from the prohibition on the use of cash in transactions, please refer to the following legal and regulatory instruments:
Law No. (4) of 2022 Regarding the Regulation of the Use of Cash in Transactions
