This is in reference to a question asked on the forum a couple weeks
ago. I have enclosed a copy of the latest ( this morning’s JCK
eMonday newsbrief) on the subject.
PATRIOT Act anti-money laundering rules may be finalized in 30 days
JCK-Jewelers Circular Keystone – 11/4/2004
The Jewelers Vigilance Committee has received word from the
U.S. Treasury Department’s Financial Crimes Enforcement Network
(FINCEN) that final rules that will extend the 2001 USA PATRIOT
Act’s anti-money laundering (AML) and terrorist-financing rules
to dealers in precious metals, stones, and jewels are expected
to be issued in 30 days.
These regulations oblige most businesses or individuals with
$50,000 or more a year in gross proceeds to develop a written
AML program based on an internal risk assessment. The purpose
of this program is to prevent exploitation by those with
criminal intent to use our industry to launder illegal funds.
There will be a period of six months for companies to come into
compliance.
Congress has identified the jewelry industry as a trade
susceptible to money laundering. JVC has worked closely with
the U.S. Treasury Department and FINCEN to communicate the
jewelry industry’s needs and to develop guidelines to help
jewelers develop effective AML programs.
=A0"The Act mandates that most jewelry businesses must create a
written AML =A0program to increase business vigilance to detect
and prevent those trying to =A0launder money through our industr=
y
for illegal purposes," said Cecilia Gardner, =A0JVC’s executive
director and general counsel. “Very soon after the rules are
=A0finalized, we will make JVC’s USA PATRIOT Act Compliance Kit
available to the =A0jewelry industry. The kit provides guidance
and templates for compliance with the =A0requirements of the
rules. In addition, the PATRIOT Act section on JVC’s Web =A0site
provides important to help companies determine if
they are =A0covered by the rules and develop AML programs to
safeguard them from unintentionally becoming involved in
illegal activities.”
The final rules and guidelines will be posted on JVC’s
website: www.jvclegal.org To download the final rules and for
updates about the USA PATRIOT Act and other programs, products
and services, visit www.jvclegal.org. JVC’s USA PATRIOT Act
section will contain the latest available.
Paul Reilly