Treasury Dept. to make PATRIOT Act ‘easy’ for industry

The Treasury Department wants the new USA PATRIOT Act rules to be as painless as possible for the jewelry industry, says William Langford, senior policy advisor to the Financial Crimes Enforcement Network at the United States Treasury. Langford spoke about the new rules during the Jeweler Vigilance Committee’s annual luncheon held Jan. 9.

He noted that developing rules for the jewelry industry is one of the “highest priorities” at Treasury.

“We believe this industry is vulnerable,” he said. “There are enormously creative people out there who will use any means to move value, and in your industry, it’s easy to move value.

“September 11 put into perspective something vivid,” e added. “Our own financial system can be used against us in a way it’s never been used before—and with devastating consequences.”

He said the new PATRIOT Act rules are meant for “reasonable business people that want to set up policies to protect themselves.”

These policies, he promised, “will be tailored to meet your needs.”

He praised the JVC’s efforts to educate the industry on PATRIOT Act compliance.

“The last thing we want to do is to go to a jewelry store and ask to see compliance procedures and get a blank look,” he said.

Langford invited anyone with questions about the PATRIOT Act to contact the Treasury Dept. “Our success depends on all of us talking,” he said.

Also at the luncheon, JVC executive director Cecilia Garnder presented the annual Stanley Schechter award to Michael Paolercio for his years of service on the JVC board.

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