YANGON Region Gold Entre­preneurs Association (YGEA) Chairman U Myo Myint stated at the YGEA’s first meeting on 31 October, held to coordinate the number and quality of STRs/ TTRs of precious metal dealers, that gold shops in the Yangon Region must keep record books for their daily gold transactions.

The meeting of the Working Group on Anti-Money Launder­ing and Counter-Financing of Terrorism, held in Nay Pyi Taw last October, reportedly also in­structed that gold shops should keep records.

Gold shops must also main­tain records such as a Trans­action Record Book (record of purchase and sale of precious metals such as gold), an STR/ TTR Record (record of sub­mission of STR/TTR to the Financial Intelligence Unit), a Reporting Form for STR/TTR in accordance with FATF Recom­mendation 20 (sample form for reporting to the Financial Intelli­gence Unit), an Implementation Officer Appointment Form, and an Anti-Money Laundering and Counter-Financing of Terrorism Policy and Procedures document (for gold trading and real estate brokerage).

In addition, it is urged that gold trading be conducted only using the voucher book pre­scribed by the Mineral (Gold) Reference Price Determination Committee and strictly in ac­cordance with the official gold reference price. — ASH/TH