Israel's Diamond Industry Reduces Money Laundering Risk
December 16, 21
(IDEX Online) - Israel's diamond industry is now less of a money laundering risk, says the government.
The country's anti-money laundering and tax authorities have downgraded its AML (anti-money laundering) risk from high to medium.
A review of AML risks across all commercial sectors said important steps had been taken in the diamond industry to improve transparency and compliance with international financial guidelines.
Israel Diamond Exchange (IDE) has incorporated AML guidelines and passed several inspections by the Ministry of Economy's diamond controller.
Its president, Boaz Moldawsky, said: "We see this as a vote of confidence in the Israel diamond industry, and a step towards the establishment of a free trade zone in the Israel Diamond Exchange."
Pic shows the Israel diamond complex in Ramat Gan.