IDE Officials Stress Impact of New AML Law on Diamantaires

Legal
09/09/2015 13:24

Israel Diamond Exchange (IDE) members met on Tuesday to debate the impact of an Anti-Money Laundering Law on the local diamond industry. The first part of the law, dealing with client identification, goes into effect on September 15. A month later, IDE members will be subject to supervision in the field of client identification by the office of the Ministry of Economy's Diamond Controller, Shmuel Mordechai. “At first we will help people to understand and adapt their business, but if we detect any irregularities, we will treat them severely,” Mordechai said.

Dr. Shlomit Vagman-Ratner, Acting Director at the Israel Money Laundering and Terror Financing Prohibition Authority, said that representatives of the Financial Action Task Force (FATF) will soon be visiting Israel to check on implementation of the law, and that they will also conduct spot checks on IDE members.