"Anti-Money Laundering Steps For Metals Dealers"

dowjones.com | 2/19/2003 | Rebecca Christie

[Orange1998]

DJ US Tsy: Anti-Money Laundering Steps For Metals Dealers 02/19/2003 Dow Jones News Services (Copyright © 2003 Dow Jones & Company, Inc.)

WASHINGTON (Dow Jones)--Metals and jewelry dealers that do more than $50,000 worth of business per year would need to set up an anti-money laundering strategy, under a new proposed rule released Wednesday by the U.S. Treasury.

The proposed rule covers precious metals dealers and refiners, jewelry manufacturers, loose gemstone merchants and retail stores that also act as a dealer in such items. Retail-only stores aren't covered by the rule, nor are dealers that buy or sell less than the $50,000 threshold.

The proposal is part of a series of regulations connected with the Patriot Act, counterterrorism legislation passed shortly after the Sept. 11, 2001, terrorist attacks. Businesses covered in the legislation are required to develop a strategy to prevent money laundering and curtail terrorist financing.

Comments are due 60 days after the rule is published in the Federal Register; Treasury said it expects the rule to be published next week.

-By Rebecca Christie; Dow Jones Newswires; 202 862 9249; rebecca.christie@dowjones.com

[Orange1998]

Anything left that Ashcroft has not covered. Geez.

[Hank Rearden]

I remain sick of this Big Stupid Government, no matter which Republicrat is temporarily plopped upon the throne.

Big Stupid Government does not own me!

[BlackJack]

Wow

[E. Pluribus Unum]

ANTI-TERROR ÜBER ALLES

[Katya]

As a metal and jewelery hobbiest, I've often wondered how the operations from whom I purchase loose stones and base metals stay operable. Given that their retail locations are basically hidden and without signage, I don't think I've ever been in one of the two shops I go to with another customer in sight. They must be doing a lot of repair work...yeah, that's it.