12 Mar 2014 Last updated at 06:57:55 GMT
PORT OF SPAIN (Scrap Monster): The Trinidad and Tobago Ministry of Trade has proposed a new scrap metal law aimed to strengthen the existing rules and regulations by addressing the problems currently faced by the industry. The Ministry also notified that the Old Metal and Marine Stores Act (1904) would also be revised alongside.
The new law focuses on issuance of necessary licenses to scrap dealers in order to deal in high-priced metals such as copper, brass and aluminum. It also intends to put an end to money laundering issued that has plagued the scrap industry for a long time.
The scrap metal law also proposes guidelines and regulations on operations of scrap metal dealers in the Caribbean island country. It also aims to crack down on unlicensed scrap yards by raising the operational standards of the scrap metal industry. The Ministry notes that necessary changes have to be made to existing legislation in order to ensure that the industry functions in more transparent and proper manner.
Meanwhile, Trinidad and Tobago Scrap Iron Dealers Association has extended full support to the new law. They expressed their willingness to co-operate with the Ministry and other interested parties towards successful implementation of the new law.
The law is being formulated after consultations with public and private stakeholders including public bodies and private scrap metal firms.
Author: Paul Ploumis