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Treasury Department Proposes New Laws to Prevent Money Laundering By Cara Woudenberg · Online Editor NEW YORK — The United States Treasury Department has drafted specific regulations under the USA PATRIOTS Act which require businesses to implement anti-money laundering programs. A special comment period for industry associations to respond to the rules has commenced and will end on April 22, 2003. The USA PATRIOTS Act requires financial institutions to develop anti-money laundering programs to prevent the laundering of funds used to finance criminal activities. Under federal law, many non-traditional financial entities are considered financial institutions, including "dealers in precious metals, gemstones and jewels." Once the Treasury Department releases the final rules, these dealers will have ninety days to comply with the new laws. Cecilia L. Gardner, Executive Director and General Counsel of the Jewelers Vigilance Committee commented, "In July 2002, a coalition consisting of all leading jewelry and precious metal trade associations presented to the Treasury Department a practical and credible program of minimum standards for anti-money laundering programs in our industry. In the next few weeks, the coalition will again submit targeted comments to the proposed rules representing all segments of the industry." To comply with the new regulations, companies who buy or sell precious metals or gemstones in excess of $50,000 per calendar year must develop and implement anti-money laundering programs reasonably designed to prevent being exploited for criminal proposes. "In 2003, these firms will be required to develop written internal policies and procedures, designate compliance officers, train employees and institute independent audit functions to test the programs," Gardner concluded. The proposed rules can be found in the February 21, 2003 volume of the Federal Register or under "Late Breaking News" on JVC's Web site, www.jvclegal.org. The jewelry industry coalition consists of the Jewelers Vigilance Committee, Jewelers of America, Manufacturing Jewelers and Suppliers of America, Diamond Manufacturers and Importers of America, American Gem Trade Association, International Precious Metals Institute, World Gold Council, and American Gem Society. News contributed by the Jewelers Vigilance Committee. Posted: March 15, 2003 |
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