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USA Patriot Act Applied to Regulate Jewelers and Dealers, Recognizing Diamonds-Terrorism Link

By Andrew Cochran

The U.S. Treasury Department's Financial Crimes Enforcement Network ("FinCEN") has issued interim final rules to force "dealers in precious metals, stones, and jewels" (large Acrobat file) to establish anti-money laundering programs, pursuant to the Patriot Act and the Bank Secrecy Act. The rule discusses instances where precious stones have been issued for illicit purposes, including money laundering and possible terrorist activity. The rule represents official recognition of Contributing Expert Doug Farah's longtime work in proving terrorists' interests in the diamond trade, especially in West Africa.

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