The Jewelers Vigilance Committee will present a seminar on compliance with new U.S. Anti-Money Laundering laws to the gem and jewelry export industry in Thailand.
JVC president and CEO Cecilia L. Gardner, who also chairs the CIBJO World Vigilance Committee, will speak at a seminar about money laundering and in particular about the U.S. PATRIOT Act, on Dec. 1, from 9:00 am to 4:00 pm, at the Sofitel Hotel, Silom, Bangkok.
“Under the new law, gemstone, jewelry, and precious metals exporters who qualify as ‘dealers’ in the United States must implement an anti-money laundering program, in compliance with federal regulations published in June 2005,” Gardner noted.
The rules require 5 elements:
1. The appointment of a compliance officer
2. Risk assessment
3. A written anti-money laundering program
4. Employee training
5. Periodic checking of the effectiveness of the program
“All foreign dealers must comply by Jan. 1, 2006, to the rules,” Gardner said. “For instance, if a Thai—or any foreign—dealer has a physical presence in the United States, e.g. he exhibits at trade shows or maintains an office in the U.S.; or he buys and/or sells more than $50,000 in precious metals, stones or jewels annually—he must comply.”
Gardner emphasized that U.S. retailers are exempt from these rules, except if they purchase from dealers who themselves do not comply.
“Therefore, these U.S. retailers—your customers—must therefore be reassured must and unmistakably know that you are in compliance with the rules, in order to maintain their exemption,” she said.
However, Gardner also pointed out that compliance is not burdensome, and will improve a dealer’s ability to detect and prevent efforts that the business is or can be used to launder money or finance terrorism.