TRADE WITH BURMA BANNED
BURMA ADDED TO LIST OF COUNTRIES OF "PRIMARY MONEY LAUNDERING CONCERN"
President Bush signed the "Burmese Freedom and Democracy Act of 2003" which barred for a period of one year any import of any article that is a product of Burmese origin based on the "egregious human rights violations" of the government of Burma.
In November 2003, the US Treasury Department added Burma to the list of countries of primary money laundering concern, under the USA PATRIOT Act.
In addition, two specific banks have been named with whom US banks would have to end their correspondent accounts: Myanmar Mayflower Bank and Asia Wealth Bank.
The trade ban covers all gemstones of Burmese origin, whether or not they are imported directly from Burma. If you import gemstones, and they are of Burmese origin, they will not be permitted entry to the United States, even if they are imported form countries outside Burma.
The trade ban does not prohibit the sale of Burmese goods already in the United States prior to the date of the ban.
Under the new anti-money laundering provisions of the USA PATRIOT Act, companies must apply a heightened vigilance to all financial transactions with any Burmese company and especially those transactions involving the two named banks.
The trade ban can expire in one year from the date of the enactment of the law, but is renewable by a vote of Congress each year for an indefinite period. If you have any questions regarding these provisions of law, do not hesitate to contact the JVC at 212-997-2002.
LISTS TO REVIEW WHEN DOING BUSINESS WITH FOREIGN ENTITIES
Following are national and international organizations that have issued lists of countries and persons suspected of being involved in money laundering schemes or other criminal activity.
Jewelry companies are NOT obligated under the USA PATRIOT Act to review these lists.
If you do business with foreign entities, JVC recommends that you become familiar with the organizations issuing the lists as well as the countries and individuals they cite.
Check the lists periodically to note countries that have been removed - or added - to the lists. For instance, Burma recently was added to the Financial Action Task Force (FATF) list.
NOTE: OFAC and FATF lists include countries with which companies cannot do business. The countries on these lists will not surprise you. However, it's good business practice to know the countries OFAC and FATF cite.
Internal Revenue Service Form 8300
Report of Cash Payments Over $10,000
http://www.irs.gov/pub/irs-fill/f8300.pdf
Financial Crimes Enforcement Network (US Treasury Department)
Suspicious Activity Report
http://www.msb.gov/forms/forms.html
Financial Crimes Enforcement Network (US Treasury Department)
http://www.fincen.gov/
State Department
http://travel.state.gov/reciprocity/list_of_foreign_terrorist_organi.htm
http://pmdtc.org/debar059.htm
Commerce Department
http://www.bxa.doc.gov/DPL/default.shtm
http://www.bxa.doc.gov/enforcement/unverifiedlist/unverified_parties.html
http://www.bxa.doc.gov/Entities/Default.htm
United Nations
http://www.un.org/Docs/sc/committees/1267/1267ListEng.htm
Office of Foreign Assets Control (OFAC)
http://www.treas.gov/offices/eotffc/ofac/sdn/index.html
Financial Action Task Force (FATF)
http://www.fatf-gafi.org/NCCT_en.htm
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