Jewelry Industry Workshop On Patriot Act
October 23, 03
The US Patriot Act, a law set to help combat terrorist activities following the 9/11 terrorist attacks, is evolving into a wide scope and deep reaching anti-money laundering law that effects, among other, the diamond and jewelry industry.
Final Patriot Act rulings are scheduled to be published by the US Treasury Department by the end of the year, after which there will be a period of three to six months for companies to come into compliance.
The Jewelers Vigilance Committee together with The Jewelers Board of Trade and Manufacturing Jewelers and Suppliers of America are partnering to present a workshop on the. The Act mandates most businesses in the jewelry industry to institute anti-money laundering programs in order to detect and prevent exploitation by those with criminal intent.
The workshop is designed to help understand what is expected and how to comply. Featured panelists are: Cecilia L. Gardner, Executive Director and General Counsel, JVC; Anna Martin, Sr. Vice President, ABN Amro Bank and Dione D. Kenyon, President, The Jewelers Board of Trade.
At the workshop, a prototype of JVC's “USA PATRIOT Act Compliance Kit” will be available for review, however, the kit will not be available for purchase until after the rules are final.
Industry awareness of the Act - and the actions needed to comply with its rules - motivated the three industry associations to present the workshop.
“The events of September 11 have caused us to re-evaluate how we do business. MJSA supports our industry's response to new regulatory rules initiated by the US Government.” Says James F. Marquart, President/CEO, MJSA.
“As a member of the group that participated in discussion with the U.S. Treasury on the PATRIOT Act, we are confident that this workshop will help our members take the necessary actions to comply with new regulations. Based on our meetings with Treasury, we do not believe the regulations will present a financial burden on industry operations," he adds.
The workshop is Wednesday, November 12, 9:30 AM - 12:30 PM, Fashion Institute of Technology, 227 West 27th Street, New York City, Building D, Katie Murphy Amphitheater.