LEGITIMATE CASH- FOR-GOLD DEALERS unanimously support Government’s decision to introduce new legislation to curb the crime associated with the industry.
This crackdown was announced last week by Attorney General and Minister of Home Affairs Adriel Brathwaite, who said that Government planned to introduce legislation by year-end that would force dealers to keep proper records of transactions, require them to request identification from customers when carrying out transactions, and report transactions to police within 24 to 48 hours. Dealers would also be banned from converting jewellery within 24 hours of the transaction.
Brathwaite also spoke of the penalties for people found guilty of stealing jewellery to exchange for cash – two years’ imprisonment or a $10 000 fine or both for a summary conviction, and ten years in prison or a $10 000 fine or both for an indictable charge.
Speaking to the DAILY NATION, Scott Goodman, the owner of Barbados Gold Buyers, said he welcomed the legislation and added that it was long overdue for the sector. However, he had some concerns about the stipulation that people who traded in their precious metal be paid via cheque as opposed to cash.
Read the full story in today’s DAILY NATION.
