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 Jewelers Vigilance Committee’s annual luncheon held recently.
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,” Langford 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 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.