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JVC lists countries with AML laws

August 21, 2008

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New York—In an effort to help retail jewelers who deal with overseas companies, the Jewelers Vigilance Committee (JVC) has compiled a list of countries that have laws to prevent money laundering in the jewelry industry.

Jewelry retailers in the United States are required to institute an anti-money laundering (AML) program only if they acquire covered goods from foreign countries, according to a release from the JVC.

In these cases, retailers must institute an AML program that assigns a risk level to those transactions.

Retailers can assign a lower risk value to countries that have their own AML programs that include trade in precious stones and metals, prompting the JVC to assemble this list to aid retailers.

The list is available on the JVC Web site, JVCLegal.org.

The release states that the list might not be complete.

Retailers are urged to call the JVC at (212) 997-2002 if they have questions about a country not included on the list.

In addition, the list is subject to change as countries change their laws, the JVC's release states.
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