The World Federation of Diamond Bourses (WFDB) has been admitted as a member of the consultative forum of the Financial Action Task Force (FATF). FATF is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing and works to generate the necessary political will to bring about significant legislative and regulatory reforms in these areas.
The very close interaction between FATF and members of the diamond and precious metals industry has contributed significantly towards developing guidance on the risk-base approach for the precious stones and precious metals industries, says Sir James Sassoon, President of FATF, who thanks the WFDB for ‘its contribution towards achieving a successful outcome for that important piece of work’.
"As the diamond industry's leading supervisory body, it is only logical that the WFDB has had a decisive influence on the draft guidelines on precious stones and precious metals, as adopted by FATF," says Avi Paz, President of the WFDB.
The draft guidelines for the precious metals and precious stones will soon be made available on the FATF website (www.fatf-gafi.org).
Source: DIB Online
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