Closer Scrutiny for Cash for Gold Transactions

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Wednesday, 27 June 2012 02:30

By caribarena news

Antigua St. John’s – Persons selling gold and silver items will be required to present photo identification and list their names and addresses on a form provided by the buyer.

This was one of the conditions agreed to during a recent meeting with Minister of National Security and Labour Dr. Errol Cort, several high ranking members of the Royal Police Force of Antigua & Barbuda, and key stakeholders in the “Cash for Gold” business.
 
The meeting was organised to discuss the challenges being posed to law enforcement officials resulting from the operations of this “new” industry.
 
Addressing the group, Minister Cort candidly expressed his concerns regarding the spike in robberies involving items of gold and silver, and indicated the need for a strong working relationship between the businesses and law enforcement officials in the absence of legislation.

He also called for the implementation of more stringent controls and self-imposed regulations for the better management of that type of business activity, pending the passage of appropriate legislation to regulate the operations.
 
The discussions between the parties were cordial, with the stakeholders promising to co-operate fully with the police. It was agreed that a standardized form will be designed and utilized by all persons or entities operating in the Cash for Gold business and will be used when transacting any sale or purchase of gold or silver.
 

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In addition to providing personal information, sellers may also be required to present receipts as proof of ownership of the item, or in the absence of receipts, credible evidence demonstrating how ownership of the item was derived, will be mandatory.
 
It was also agreed that items to be melted will have a waiting period of a minimum of three days, as businesses would be required to first photograph the item and have it vetted by police to ensure it had not been reported lost or stolen.
 
During the discussions, stakeholders voiced their concerns about persons arriving from other countries who were going door to door and were offering householders cash on the spot for jewelry. This activity, they pointed out, was giving bona fide “Cash for Gold” businesses a bad name and was therefore of major concern to them.
 
However, Minister Cort promised that the police will be stepping up surveillance in an effort to curtail this type of activity, and the Ministry of National Security, through the Police and Immigration Department, will work with the Office of national Drug and Money Laundering Control Policy (ONDCP) and the Customs Department to identify and bring perpetrators of this illegal activity to justice.
 

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