|
E-mail This PageKimberley Annual Reports: Enforcement BeginsIn June of this year, the US Department of the Treasury began enforcing the Kimberley Process requirement that importers and exporters of rough diamonds, to or from the United States, file an annual report. The report, required since 2008, must contain information about total shipments of rough diamonds and remaining stockpiles during the reporting year. Those affected by the filing law, contained in the US Rough Diamonds Control Regulations, were mandated to submit annual reports for 2007 and 2008 to the US State Department. The Treasury Department’s Office of Foreign Assets Control (OFAC) is now issuing administrative subpoenas to diamond dealers who are not in compliance with the law. Although deadlines have passed for both 2007 and 2008, OFAC is still allowing dealers a short time to file the reports without a fine. After that, the penalty for non-filing is up to $10,000 per violation. Failing to respond to the subpoena may also result in monetary penalties. For those who have received a subpoena from OFAC, follow the directions outlined in the subpoena. Please also consult the JVC if you have questions. For anyone else covered by the law who has not yet filed, submit the annual reports as soon as possible to the US State Department’s Office of the Special Advisor for Conflict Diamonds, via e-mail, at USKimberleyProcess@state.gov. While the government does not require that the information be submitted in any specific format, the JVC Forms Bank contains a sample Kimberley Annual Report, as well as guidance on using the form, to help with the process. You can access the Bank from the JVC Members Only page of our website, www.jvclegal.org. The report for calendar year 2009, January 1–December 31, must be filed by April 1 of 2010. |
Jewelers Vigilance Committee
Does Not Provide Any Form Of Legal Advice.
Does Not Provide Any Form Of Legal Advice.