Canadian Jewellers Association (CJA) and Jewellers Vigilance Canada (JVC) are looking for your thoughts on the risks and issues of money laundering and terrorist financing (ML/TF) in Canada.
The Department of Finance is conducting a national risk assessment, which will serve as a guiding document for future Canadian regulations and FINTRAC guidelines.
Consultation is open to the Canadian industry until Sept. 1.
Click here to read a report prepared by Financial Action Task Force (FATF), the international body combatting money laundering and terrorist financing of which Canada is a member. CJA and JVC will compile the information and make a submission to the finance department in October.
“It is important the Canadian jewellery industry respond to this consultation,” states David Ritter, CJA’s president and chief executive officer (CEO). “We need to be engaged in this process.”
The following questions are designed to help formulate your feedback:
• As you review the report, ask yourself, Is the Canadian industry attractive to money laundering and terrorist financing? If yes, why, and what can be done to mitigate that risk? If no, why are we a low risk for ML/TF?
• The report details many vulnerabilities. Are all these applicable to the Canadian industry? How does Canada’s vulnerability compare to other countries?
• The report also suggests some ways to mitigate risks to the diamond industry. Do you agree with these suggestions?
• Are there vulnerabilities to the Canadian jewellery industry the report misses?
Feedback can be submitted via e-mail to david@canadianjewellers.com or phyllis.richard@sympatico.ca by Sept. 1.
“Anti-money laundering and terrorist financing compliance is part of our obligation to the international effort to deter money laundering and terrorist financing from our industry and from society. We will be dealing with this issue for many years to come,” said Phyllis Richard, JVC’s executive director.
