MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
Policies & IssuesFeb 06, 2016
AML Alert: Check lists of countries with deficiencies
The Jewelers Vigilance Committee advises that companies monitor the Financial Action Task Force’s lists of countries that aren’t completely cooperative with international anti-money laundering efforts.
One of the risks to consider when implementing an anti-money laundering program is the location of your counterparties, both vendors and customers. Some countries have more vigorous and cooperative engagement with international AML efforts than others. 
Because of that, it is critical that companies check watch lists that indicate the level of AML compliance of various countries. The Financial Action Task Force (FATF), an inter-governmental body that promotes AML compliance--as well as efforts to combat terrorist financing--maintains such lists.
Companies in the jewelry industry should determine, on a regular basis, whether any of their trading partners, accounts or distribution channels are located in countries that appear on current FATF lists. If they are, the next step is to assess the AML risks of doing business with the listed companies.
FATF maintains different lists of “High-Risk and Non-Cooperative Jurisdictions,” depending on the nature of the particular country’s AML/CFT deficiency, and whether the country is working with FATF to make corrections.
It is very important to be aware of these lists, which are updated regularly, as they include countries that produce precious stones, metals and/or finished jewelry. For current information be sure to check FATF’s website.
The FATF lists, as of February 2015, are detailed below.
Jurisdictions for which a FATF call for action applies
The first, and most serious, list is of jurisdictions that are subject to a FATF call for action.
In some cases, FATF has asked its members in the international community to apply countermeasures against countries on this list to protect the international financial system from significant risks of money laundering and terrorist financing. There are currently two countries on the list that fall into this category. Both are currently the subject of U.S. sanction programs:
-- Iran
-- North Korea
The other countries on this first list, while not subject to a call for countermeasures, have AML/CFT deficiencies and have not made much progress in addressing them.
FATF calls on its members to consider the risks arising from the deficiencies. This means that the shortcomings should be seriously evaluated when conducting an AML risk assessment involving companies or accounts based in the countries, or distribution channels through the countries. The countries in this category are:
-- Algeria
-- Ecuador
-- Myanmar (Note that,
separately from AML/CFT considerations, a U.S. executive order bans the importation of rubies and jadeite from this country.)
Jurisdictions engaged in an ongoing process with FATF
The second FATF list is of countries that have AML deficiencies, but that have agreed to an action plan and have committed to work with FATF to make improvements.
The countries currently on this list are:
--Afghanistan
--Angola
--Guyana
--Indonesia
--Iraq
--Lao PDR
--Panama
--Papua New Guinea
--Sudan
--Syria
--Yemen
One country on this list has been identified as not having made sufficient progress: Uganda.
When conducting an AML risk assessment involving companies or accounts based in any of these countries, or distribution channels through these countries, the fact that the jurisdictions have AML/CFT deficiencies should be considered.
The risk assessment should also take into account that the listed countries are working with FATF to make improvements, and whether or not they are deemed to be making sufficient progress.
Several countries had been on this second list as recently as fall 2014 but are no longer subject to FATF’s compliance process. Those countries include: Albania, Cambodia, Kuwait, Namibia, Nicaragua, Pakistan and Zimbabwe.
Remember that AML compliance requires the periodic review of government watch lists that identify suspect entities and individuals and that identify countries with deficient AML/CFT practices, such as the FATF lists discussed here.
You can easily access the lists at JVCLegal.org by clicking “US & Int’l Lists & Forms” on the drop-down menu under the “AML” tab.
For questions about your anti-money laundering obligations, contact the JVC at askamlexpert@aol.com or 212-997-2002. Or, visit the website for information about our U.S. PATRIOT Act Compliance Kit and our AML testing services.
More on Policies & Issues
The Latest
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
FinancialsMar 23, 2026
Movado’s Q4 Sales Rise As Demand Grows From Younger Shoppers, WomenMovado CEO Efraim Grinberg noted continued strength in the fashion watch and accessible luxury segments in the U.S.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
