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09.24.20
JCK: How the FinCEN Leaks May Affect the Jewelry Business
This week, the International Consortium of Investigative Journalists (ICIJ) announced it had received a massive leak of thousands of suspicious activity reports (SARs) submitted to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
The ICIJ reports mostly target banks, which it charges have turned a blind eye to billions in suspect money transfers. However, the revelations could also bring more scrutiny to the jewelry business, and the gold trade in particular; gold companies were cited in 25% of the SARs the ICIJ examined…
