So here as some facts.
Circa 2016 a friend of mine wanted to sell a property in the 6 million dollars range (approx). Someone from China paid him 3 million dollars (approx) up front through bank transfer. When the time came up to pay the rest, this person put forth the story that the Chinese government has all of a sudden tightened restrictions so they cannot transfer the rest of the money and need some time. Months passed and the person started suggesting that they will happily give (say) 10% to my friend if he will return the rest of the money.
Sydney's entire property market has been fueled by easy flow of Chinese money. We are talking two bed apartments going for the range of 1.5 million dollars. We have been told by the government that there is minimal Chinese involvement. That flies in the face of my friend's experience above. It also flies in the face of facts. Ever since Australia had a spat with China and China really tightened restrictions, the Sydney property bubble has collapsed. No, you cannot attribute this to Covid because property dealers have found innovative online ways to provide 360 degree tours, along with privately booked tours, and online auctions.
Now take a look at the Gold Souq in Dubai. Are you telling me these shopkeepers will ask someone to prove they are not a PEP before transacting with them? If FATF restrictions were to be imposed on just the Dubai gold souq, the shopkeepers would have to close shop. Their customers are people who are flying in and out of the country. There is not a chance they can keep tabs on their money. And here we have someone daring us to 'plop a wad of cash at a jeweler'. The guy in this video is literally carrying around a wad of cash, and the video shows a purchase using credit card. One of the shop keepers says they accept credit, Apply Pay, and American Express. And this video is from Feb 2020.
I have personally helped my friend buy jewelery from tiffany.com around end of 2019. There is no need to show you are not a PEP.
And let us deal straight on with the people talking about buying property in the UK. Supplying a money trail is not the same as showing you are not a PEP, which is what the new law is about. This identification requirement will have implications for the poor who use gold as a means of buffer against inflation.