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| July/August 2005 |
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PATRIOT Act Compliance The time has come for jewelry and gemstone dealers to comply with the U.S.A. PATRIOT Act. Section 352 of the Act requires financial institutions to implement anti-money laundering programs. The Financial Crimes Enforcement Network (FinCEN) issued the interim final rule on June 3, 2005, requiring dealers in goods covered by the rule to implement the programs by January 1, 2006. Here’s a breakdown of the interim final rule: Covered goods: including jewels, precious metals, precious stones, and finished goods (including, but not limited to, jewelry, numismatic items, and antiques) that derive 50 percent or more of their value from jewels, precious metals, or precious stones contained in or attached to such finished goods. Dealer: a person who both purchases at least $50,000 worth of covered goods and sells at least $50,000 worth of covered goods during the preceding year. Retailers: are generally exempt from the rule; however, retailers who both purchase more than $50,000 of covered goods from non-U.S. dealers or members of the public and sell more than $50,000 of covered goods are considered dealers and must comply with the rule. Several associations offer products and services to aid dealers in their quest for compliance: Manufacturing Jewelers & Suppliers of America (MJSA) The MJSa offers a PATRIOT Act Compliance Handbook/CD, an overview of the new rules and the actions that manufacturers and suppliers can take in order to comply to meet the requirements. The handbook and its accompanying CD was developed by John Satagaj, an attorney who is MJSA’s legislative counsel and an expert in the jewelry industry. The MJSa also offers PATRIOT Act Compliance Seminars. Jewelers Vigilance Committee (JVC) The JVC has a wealth of information on its Web site dedicated to the final interim rule, including a summary of the final rule, frequently asked questions, and the complete FinCEN text of final rules. The JVC PATRIOT Act Compliance Kit (PACK) provides guidance on how to create a successful compliance program, including how to perform risk assessment, templates of written policy and programs, and employee training modules. The kit offers access to the “AML Expert,” an online service that allows members to present JVC President and CEO Cecilia Gardner with questions regarding anti-money laundering. The cost of the kit is $150 for JVC members; and $300 for non-members, which includes a one-year JVC membership. Other Related Links: Financial Crimes Enforcement Network (FinCEN) Background and analysis of the PATRIOT Act The Domestic Security Enhancement Act of 2003 (PATRIOT ACT II)
BACK TO ORIGINAL ARTICLE: PATRIOT Games. |
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