Anti Money Laundering and US Patriot Act � Seminar by Cecilia Gardner

The US-based Jewelers Vigilance Committee (JVC) will be reaching out to Thailand to present its huge gem and jewellery export industry with a program on the subject of �Compliance with new U.S. Anti-Money Laundering Laws,� on December 1, 2005 at Sofitel Hotel, Silom, Bangkok. The spoke person for the seminar about money laundering and in particular about the US PATRIOT Act, will be JVC President and CEO Cecilia L. Gardner, who also chairs the CIBJO World Vigilance Committee.

�Under the new USA PATRIOT Act, those gemstone, jewellery and precious metals exporters who qualify as �dealers� in the United States must implement an anti-money laundering program, in compliance with federal regulations published in June 2005. All foreign dealers must comply by January 1, 2006, to the rules. For instance, if a Thai�or any foreign�dealer has a physical presence in the United States, e.g. he exhibits at trade shows or maintains an office in the U.S.; or he buys and/or sells more than $50,000 in precious metals, stones or jewels annually�he must comply.� says Gardner.

The rules require 5 elements:

• The appointment of a compliance officer
• Risk assessment
• A written anti-money laundering program
• Employee training
• Periodic checking of the effectiveness of the program

Gardner also emphasized that �U.S. retailers are exempt from these rules, except if they purchase from dealers who themselves do not comply. Compliance is not burdensome, and will improve a dealer�s ability to detect and prevent efforts that the business is or can be used to launder money or finance terrorism.� Those who will attend the seminar will realise what important things have to be looked at before they leave for another trade show.