Wednesday, August 20, 2008

JVC Releases List of Countries that have Laws Against Money Laundering

This article from Rapaport News, announced that the Jewelers Vigilance Committee (JVC), has created a list of countries that have established processes to prevent money laundering in this industry. The list is posted on the JVC website. Here is the procedure that the U.S. follows to determine if retailers present a low risk to suppliers:

For purposes of evaluating risk, if a retailer’s supplier:

- is situated in a country that has AML laws, and

- that country’s AML laws cover precious metals and stones, and

- the supplier represents that it is compliant with the country’s laws, and

- there are no “red flags” associated with transactions with the supplier, then

- the retailer may assign a low-risk level to transactions with that supplier.

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