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Attendees at the upcoming International Jewellery Fair (19-21 August) will have an opportunity to learn the latest from experts on proposed reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
On the third day of the Sydney Fair the Attorney-General’s Department (AGD) will give a presentation detailing how these proposed laws would impact the jewellery industry.
The presentation will cover the purpose of the reforms, the consultation process and timing, how the proposed regulation may impact jewellery retailers and suppliers, and what it would look like to be regulated under the AML/CTF regime.
“These reforms would extend the existing AML/CTF regime to help industry, including dealers in precious stones and metals, protect themselves from exploitation from money launderers and other criminal actors,” said a spokesperson for the Attorney-General’s Department told Jeweller.
“Precious metals and stones are effective channels to legitimise criminal proceeds serving multiple purposes, including storing value, transferring value, and lifestyle consumption. Currently, only bullion dealers are covered by the AML/CTF regime.”
The IJF will be hosted at the International Convention and Exhibition Centre in Sydney’s Darling Harbour.
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