Diamonds: WFDB TO INTRODUCE NEW POLICY TO FIGHT MONEY LAUNDERING

The World Federation of Diamond Bourses (WFDB) held a two-day Executive ‎Committee Meeting and Asian Summit in Singapore on February 27 and 28. ‎FCA - Monroe

The Asian Summit, organized by the Diamond Exchange of Singapore, focused on ‎the activities of regional bourses and discussed a range of issues facing the industry ‎in Asia, and their impact on the global diamond trade. ‎

WFDB President Ernest Blom addressed the fight against money laundering and ‎international terrorism. “The WFDB will be introducing stringent compliance regarding ‎KYS/KYC (Know your Supplier/Client)”, said Blom. “The introduction of this policy in ‎all WFDB affiliated bourses will clearly identify the rogue elements attempting to ‎tarnish the high standards of our trade”.

Addressing the synthetics issue, the WFDB is demanding that all affiliated bourse ‎members be required to incorporate a statement on their invoices and memos that ‎clearly define the natural origin of diamonds. The measure requires the buyer to share ‎the responsibly with the seller for this compliance.‎

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