32-8-401. Precious metals accounts -- purpose. (1) The legislature acknowledges that:
     (a) Montana is both a major gold producer and the only domestic source of commercially significant amounts of platinum and palladium, precious metals that have diverse uses in addition to serving as a store of exchangeable value;
     (b) many nonresident aliens and foreign corporations place great value in the security inherent in precious metals as a hedge against currency depreciation, currency devaluation, and general inflation and prefer precious metals over other types of investments that may offer a higher or more certain rate of return;
     (c) the expansion of the processing and refining capacity of the platinum and palladium mining operations in Montana's Stillwater complex may provide unique investment opportunities for nonresident aliens and a significant stimulus for economic development in the state; and
     (d) helping to establish financial links between customers of the depository and products of the precious metals depository is in the economic interest of the state.
      (2) The legislature further recognizes its responsibility to help deter money laundering and other financial crime and therefore acknowledges that restricting the liquidity of a precious metals account will reduce significantly any incentive there may be for a person to use a precious metals account for illicit purposes.

     History: En. Sec. 25, Ch. 382, L. 1997.