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New Zealand's Ministry of Justice called for industry input ahead of the government's submission next year of legislation that could impose anti-money laundering rules on non-bank businesses and amend suspicious activity reporting obligations.
With little knowledge of federal compliance reporting requirements, few of the gold buyers jumping into a growing market implement controls meant to stymie money launderers, say industry professionals.
An intergovernmental group has launched a program to help 16 sub-Saharan African countries tamp down money laundering and terrorist financing through the diamond and gold trade.
The U.S. Treasury Department's Financial Crimes Enforcement Network issued a rule confirming that precious metals dealers and insurance companies are required to maintain anti-money laundering programs.
The Internal Revenue Service will not start implementing most jewelry business examinations for Bank Secrecy Act compliance until at least fiscal year 2008, an agency official said Monday.
Jewelry dealers left an AML seminar last week in New York with unanswered questions about their Bank Secrecy Act responsibilities. The IRS representative who led the session said she couldn't give certain answers in part because she doesn't yet know the particulars of the industry.
Spanish authorities cracked a major gold-based money laundering scheme by a group of jewelers. Experts say the jewelry and precious metals industries lack controls to prevent laundering.
A little over two years after proposing to bring jewelers and precious metal dealers under Bank Secrecy Act regulations, the U.S. Financial Crimes Enforcement Network has issued an interim final rule requiring these businesses to have anti-money launderin
