Jewellery trade moves to expose shell companies, curb illegal fund flows – ET Retail
Mumbai: Diamond houses, jewellers, and gem stores will soon be blacklisted by banks if they fail to disclose the ‘ultimate beneficial owners’ (UBOs) of their trading partners. Identifying the UBOs, or the true owners, would test the genuineness of foreign buyers and sellers, curb sham exports and imports, and expose rogue firms using cross-border trades…