CIBJO releases Gemmological Special Report: considers process of separating measurable facts from opinion; See Gemological Articles below.
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 Post subject: FEDERAL ANTI-MONEY LAUNDERING RULES
PostPosted: Sun Dec 31, 2006 11:17 am 
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Joined: Wed Sep 06, 2006 1:15 pm
Posts: 1795
Location: canada
Hi guys:

Does anybody know if this applies to cross border sales from Canada to the US. In other words do Canadian dealers need to put this into effect and make any kind of a report to the US tresury dept or the IRS.

Thanks

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PostPosted: Sun Dec 31, 2006 11:30 am 
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Might want to drop the JVC a note and ask them.
http://www.jvclegal.org/


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 Post subject: No wolves in prison
PostPosted: Sun Dec 31, 2006 1:32 pm 
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Hi Wolf,
Don't know what you're talking about - but please stay out of prison - I'd miss you :lol:

Happy New Year,
Love gemmsong aka the Slug Whisperer :smt079

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PostPosted: Mon Jan 01, 2007 1:36 pm 
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Yes and no.

As a Canadian citizen and resident, you are not directly affected by US law. That said, there are several back door ways that this relates to you and that make it worth your trouble to pay attention.

First, your US customers are affected. If the FenCin people decide that you are a party of interest (the code for suspected criminal), your clients are likely to be subjected to higher scrutiny themselves. If your customers are dealers who are at or near the $50k/year threshold, they should seriously consider implementing their own AML program independently of whatever you are doing.

Second, foreigners who run afoul of the USA Patroit act and get themselves listed on the watch list can find themselves impeded with difficult travel restrictions, both to the US and many of our allies. In the extreme, this can result in an indefinite vacation to sunny Guantanamo. I’ve not heard of anyone being sent there from Canada, even for pretty egregious offences but, if you get yourself listed, you might want to limit your travels to Iraq and Afghanistan for example. This would also seriously reduce your purchases from dealers with their own AML program who would, quite reasonably, decide not to do business with you.

It would not surprise me if Canada has some fairly similar laws either on the books or in the pipeline. They, of course, would directly relate to you as a Canadian merchant.

Neil

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