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Jewelers encouraged to review new AML guidance

July 24, 2008

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New York—The U.S. Treasury Department is asking for the Jewelers Vigilance Committee's (JVC) help in making sure jewelry dealers are aware of the new Financial Action Task Force (FATF) guidance for the industry.

The FATF is an inter-governmental body that develops and promotes national and international policies designed to combat money laundering and terrorist financing.

According to the JVC, the FATF's guidelines for the jewelry industry represent the first guidance published by an anti-money laundering (AML) agency specifically for dealers in precious metals and stones in the jewelry industry.

Current U.S. laws already are consistent with the FATF recommendations so companies do not necessarily need to make any adjustments to their AML program. However, the JVC states, companies do need to be aware of the principles included in this document.

Government regulatory agencies, including the Internal Revenue Service, will use the FATF guidance when they examine jewelry dealers to determine if their businesses are adequately addressing risks for money laundering.

FATF developed the guidance, which was published on July 18, with a drafting group of government representatives and industry members.

JVC President and CEO Cecilia Gardner aided in the drafting of the guidelines, as did representatives from the World Federation of Diamond Bourses, the International Precious Metals Institute and the Antwerp World Diamond Center, which released a statement expressing its appreciation for the "important and active role" it was given in the process.

Gardner said participation of industry representatives in the FATF drafting process ensured the guidance was "useful and practical."

She encourages precious metals and stones dealers to review the FATF AML guidance, which is available at the JVC's Web site, JVCLegal.org. Those with questions can contact Gardner at askamlquestions@aol.com.
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