[Jewelry making - Article 00300] - Re: [Orchid] Patiot Act

[Paul D. Reilly]

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    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 information 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 information available. 

Paul Reilly

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