Australian Transaction Reports and Analysis Centre (AUSTRAC) is the Federal Government’s anti-money laundering and counter-terrorism financing regulator and financial intelligence agency. Its acting deputy CEO of international and policy Bradley Brown will deliver the presentation at the IJF.
“As an area of vulnerability, the jewellery sector has been included within consultations on possible reforms to Australia’s AML/CTF regime, including consideration of extending AML/CTF regulation to this industry,” Brown said.
“AUSTRAC is extremely pleased to have the opportunity to attend this significant international event and engage directly with industry experts and participants,” he added.
As previously reported by Jeweller, a cost-benefit questionnaire was sent to a select number of retailers and suppliers to gather information about the potential impact of the AML/CTF regime. Under the proposal, AML/CTF regulations would be imposed on high-value dealers, which includes jewellers, involved in a cash transaction equal to or above $10,000.
A spokesperson for the Attorney-General’s Department said the results from the questionnaire would inform the government’s decision on the regulation of high-value dealers under the AML/CTF act; however, did not confirm if or when the regulations would be enforced.
The spokesperson added that Brown’s presentation was an “excellent opportunity for visitors to increase their understanding of the AML/CTF risks posed by the services they provide”.
According to the Attorney-General's Department website, "consultation, design and implementation" for the AML/CTF reforms will continue through to 2019.
The presentation is scheduled to be held on Monday 28 August at 11:00am.
Essential talks
A number of other seminars have been planned for IJF visitors.
Nationwide Jewellers managing director Colin Pocklington is conducting a presentation titled, ‘How to Prosper in the New Normal’, on Sunday 27 August at 2:00pm.
With retail jewellery sales having stalled for several years running and with even more dramatic change likely to occur over the next six to 18 months, Pocklington will provide strategies for addressing the major challenges faced by the industry.
Jewellers can also learn about the latest ways to boost business performance from guest speakers during a series of daily seminars. Social media solutions, jewellery photography, transport security and a ‘super session’ on how to improve sales are among the topics that will be covered.
The IJF will take place at the International Convention Centre Sydney from 26 August to 28 August.
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