President Putin signs law on information system for monitoring trade in precious metalsChristian Fernsby ▼ | June 26, 2020
Russia’s President Vladimir Putin has signed a law envisaging the development of an integrated management information system in the sphere of control over the trade in precious metals, gems, and respective wares.
President Vladimir Putin
The new system will allow following the movement of precious metals, gems, and respective wares at all stages of their turnover; it is to be operated by the Finance Ministry.
The amended law is to define the list of those obliged to enter information in the aforesaid system, among them jewelers and industrial enterprises involved in this business, who will have to report about all stages of work involving the use of precious metals, gemstones, and respective wares.
It is expected that the newly developed oversight mechanism will contribute in the combat against illegal trafficking in the said materials and wares; help to create supportive environment for reputable market participants; has favorable impact on the amount of taxes collected from this industry. The respective bill was approved by the State Duma and the Federation Council this June. ■