In the world of glittering diamonds, precious metals, and high-value jewellery, dealers in precious metals and precious stones are not immune to money laundering or terrorist financing threats and risks. In fact, they play a key role in preventing and detecting financial crime and helping to safeguard Canada’s financial system and economy.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is currently managing a cyberattack. As a result, the financial intelligence agency has taken its corporate systems offline, to ensure their integrity and protect the information it maintains.
Frank and Lisa Suppanz of Austin Jewellers in Coquitlam, B.C., were fined $66,000 by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), after they failed to provide the necessary administrative documentation.
As part of our exclusive coverage of the group’s 100th anniverary, Canadian Jewellers Association (CJA) chairs past and present weigh in on the industry’s top issues.
For most of us, audits and examinations are as much fun as they sound, but both serve a useful purpose—other than raising our blood pressure. The best time to get ready for a FINTRAC examination is long before the regulator calls to let you know you’ll be examined.
It’s not often Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) makes national headlines, but it did just that in April. The story referred to a controversial decision not to release the name of a bank fined more than $1 million for various infractions under Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
Canada’s financial intelligence unit has imposed administrative monetary penalties against two jewellers for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
If, after reading the title of this article, your chest tightened a bit, your pulse rate spiked, and you had a hard time swallowing, rest assured, these are not uncommon responses. There’s no need to speed dial your physician quite yet.
In the context of the act and regulations, jewellery includes watches made with or containing precious metals and/or stones. If you are involved in a transaction as a buyer or seller with a watch that contains any precious metals or stones found in the definitions, that watch is considered ‘jewellery’ under the act and regulations.
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.
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