Quinn
06-06-2005, 02:04 PM
I found this article. Is this going to be a lot of paperwork that shows nothing or something for your average jeweler to be worried about? Is moneylaundering that big of a problem?
This was from the Chicago Tribune Here is the link....
http://www.chicagotribune.com/business/chi-0506050184jun05,1,7604177.story?coll=chi-business-hed&ctrack=1&cset=true
Money-laundering rules target metal, gem dealers
Associated Press
Published June 5, 2005
WASHINGTON -- The Bush administration, in its latest effort to nab drug lords and terrorist financiers, will require major dealers in gold, diamonds and other precious metals and gems to set up comprehensive anti-money-laundering programs.
The Treasury Department's Financial Crimes Enforcement Network will require dealers to establish policies and procedures to identify risks. They also will need to minimize opportunities for abuse, train employees and designate a point person to assess compliance.
The provision applies to dealers who have bought and sold at least $50,000 worth of precious metals and gems. Dealers whose activities for the 2005 calendar year hit that dollar threshold will have until Jan. 1, to set up anti-money-laundering programs.
Given the dollar threshold, most retailers are not required to set up such programs, a statement issued by agency said.
"The dollar threshold is intended to ensure that the rule only applies to persons engaged in the business of buying and selling a significant amount of these items, rather than small businesses, occasional dealers and persons dealing in such items for hobby purposes," the agency said.
The Treasury Department has required a broad range of financial companies to adopt anti-money-laundering programs. The issue took on heightened importance after the Sept. 11 terror attacks.
"The characteristics of jewels, precious metals and stones that make them valuable also make them potentially vulnerable to those seeking to launder money," said agency director William Fox.
This was from the Chicago Tribune Here is the link....
http://www.chicagotribune.com/business/chi-0506050184jun05,1,7604177.story?coll=chi-business-hed&ctrack=1&cset=true
Money-laundering rules target metal, gem dealers
Associated Press
Published June 5, 2005
WASHINGTON -- The Bush administration, in its latest effort to nab drug lords and terrorist financiers, will require major dealers in gold, diamonds and other precious metals and gems to set up comprehensive anti-money-laundering programs.
The Treasury Department's Financial Crimes Enforcement Network will require dealers to establish policies and procedures to identify risks. They also will need to minimize opportunities for abuse, train employees and designate a point person to assess compliance.
The provision applies to dealers who have bought and sold at least $50,000 worth of precious metals and gems. Dealers whose activities for the 2005 calendar year hit that dollar threshold will have until Jan. 1, to set up anti-money-laundering programs.
Given the dollar threshold, most retailers are not required to set up such programs, a statement issued by agency said.
"The dollar threshold is intended to ensure that the rule only applies to persons engaged in the business of buying and selling a significant amount of these items, rather than small businesses, occasional dealers and persons dealing in such items for hobby purposes," the agency said.
The Treasury Department has required a broad range of financial companies to adopt anti-money-laundering programs. The issue took on heightened importance after the Sept. 11 terror attacks.
"The characteristics of jewels, precious metals and stones that make them valuable also make them potentially vulnerable to those seeking to launder money," said agency director William Fox.