WFDB Admitted to Consultative Forum of Financial Action Task Force

The World Federation of Diamond Bourses (WFDB) has been admitted as a member of the Financial Action Task Force’s (FATF) consultative forum. The FATF announcement followed a plenary meeting of the organization last month, during which the WFDB’s merits for membership were discussed.

In a letter to WFDB Secretary General and Executive Director Michael Vaughan, FATF President Sir James Sassoon wrote that the very close interaction between FATF and members of the diamond and precious metals industry had contributed significantly towards developing guidance on a risk-based approach for the precious stones and precious metals industries.  

Sassoon specifically thanked the WFDB for "its contribution towards achieving a successful outcome for that important piece of work."

WFDB President Avi Paz commented, “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.”

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. 

The FATF also works to generate political will to bring about significant legislative and regulatory reforms in these areas.

The draft guidelines for the precious metals and precious stones will soon be made available on the FATF website, Sassoon said.