Contrary to some reports, the new USA PATRIOT Act will not prevent American retailers from doing business with overseas suppliers, Jewelers Vigilance Committee executive director Cecilia Gardner said recently.
To comply with the PATRIOT Act, JVC recommends that retailers get information on every company—foreign or domestic—with which they do business, including the firm’s name, telephone number, foreign license number, and banking references. “Nine times out of 10, the retailer already has this information,” she says, adding that a retailer must provide it if asked to do so by the Treasury Department. Retailers also are urged to report any unusual activity that leads them to suspect money laundering.
Gardner notes there is a section on the PATRIOT Act at the JVC Web site, www.jvclegal.org. Further information on the act will be forthcoming as details are finalized by the government.