Similarly to the new regulations imposed on the U.S. diamond and jewelry industries under the USA PATRIOT Act, the Canadian law would require reporting of cash transactions of more than $10,000 (slightly less in Canadian currency than in U.S. dollars), would require closer examination of money transfers and would amend the country’s income tax law to make reporting easier. %% The proposed law was first developed under the previous Liberal government and is based on an official white paper that warns that Canada’s burgeoning diamond and jewelry industry, which has been bolstered by diamond mines opening across the country’s Far North, creates opportunities for money launderers.