Triple M Metal Completed Acquisition of Scrap Yards

The dealers are required to record the details of all their transactions related to scrap metal.

SEATTLE (Scrap Monster): The Scrap Metal Act and its corresponding Scrap Metal Regulation have come into force in Manitoba, announced Kelvin Goertzen, Justice Minister. This is part of government’s efforts to rein in on scrap metal theft, especially that of catalytic converters.

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According to Goertzen, the new framework of regulations will be applicable to the sale and purchase of scrap metal in Manitoba. It targets to significantly reduce the number of catalytic converter theft incidents by preventing opportunities for reselling illegally sourced scrap metal.

The dealers are required to record the details of all their transactions related to scrap metal. The transaction records must be kept for a period of up to two years and must be produced before enforcement officials whenever asked for. The new regulations prohibit cash transactions above $50.

The bill proposes stricter rules for scrap metal transactions involving restricted items such as catalytic converters. In addition to other details, dealers are also required to include a photograph of the item. The complete details are to be submitted to law enforcement agencies every week. Also, cash transactions are not permitted for restricted scrap metals.





Image and article originally from www.scrapmonster.com. Read the original article here.

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