Cecilia Gardner, Jewelers Vigilance Committee’s President & CEO, Serves on Financial Action Task Force to develop Anti-Money Laundering (AML) Guidance for the Jewelry Industry
FATF is the First AML Agency to Publish Guidance
Specifically for the Jewelry Industry
FATF Guidance to be Used by the Internal Revenue Service to Determine if Businesses are Adequately AddressingMoney Laundering Risks
New York City — July 22, 2008 – Cecilia L. Gardner, president, CEO and general counsel of the Jewelers Vigilance Committee (JVC), announced the publication by the Financial Action Task Force (FATF) providing the first guidance published by an anti-money laundering (AML) agency specifically for dealers in precious metals and stones in the jewelry industry.
Click here for the complete FATF Guidance.
FATF, an inter-governmental body, develops and promotes national and international policies to combat money laundering and terrorist financing. The FATF guidance will be used by government regulatory agencies – including the Internal Revenue Service – in their examinations of jewelry dealers to determine whether businesses are adequately addressing risks for money laundering. FATF developed this guidance with a drafting group consisting of government representatives and industry members. It was published on July 18, 2008.
Said Gardner: “Participation of industry representatives in the FATF drafting group to develop AML guidance for dealers in precious metals and stones ensured that the guidance was useful and practical. JVC has been instrumental in helping jewelers to develop AML programs to comply with the USA PATRIOT Act. I encourage dealers in precious metals and stones to review the FATF AML guidance and to contact me with questions at firstname.lastname@example.org.”
The U.S. Treasury Department asked Gardner to help to ensure that jewelry dealers are aware of this guidance and that they act in accordance with its recommendations. Current U.S. laws are consistent with the FATF recommendations; therefore any company would not necessarily need to make any adjustments to their AML program, however, companies do need to be aware of the principles included in this document.
In addition to Gardner, the FATF drafting group included officials and representatives of international governments, and representatives from the International Precious Metals Institute and the Antwerp World Diamond Center.Jewelers Vigilance Committee, founded in 1917, is a not-for-profit legal trade association fulfilling its mission to maintain the jewelry industry’s highest ethical standards. JVC offers dispute mediation and arbitration services for trade and consumers, compliance monitoring and precious metals testing, among many other services. JVC, long considered the industry’s guardian of ethics and integrity, is a resource for the entire jewelry industry and its customers as well as an industry representative before government agencies, media and adjunct fields. For more information visit: www.jvclegal.org.
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