Belgian diamond traders News, Photo, Video and Current Affairs

For the very first time, the FPS Economy and the Antwerp World Diamond Centre (AWDC) organised a large-scale anti-money laundering (AML) exam for Belgian diamond traders. The sector delivered strong results, with nearly 80% of the 196 participants passing the test. The exam, which assesses knowledge of Belgian AML obligations, is part of broader efforts to further strengthen compliance in one of the world’s most important diamond trading hubs. Both AWDC and Minister of Economy David Clarinval consider this first edition of the exam a major success. Belgian anti-money laundering legislation requires all diamond companies to actively implement measures to prevent money laundering and terrorist financing. The high value of easily transportable diamonds, international trade flows, and the complexity of the supply chain make the diamond sector a high-risk industry. As a result, strict legal obligations apply to diamond companies, and the FPS Economy, as the competent supervisory authority, closely monitors compliance. Strong support efforts paying off Supporting diamond companies in complying with AML legislation has been a key priority for AWDC for many years. “The AML legislation is complex and places significant responsibility on companies. That is why we invest heavily in training, awareness raising, and individual guidance for diamond traders, ensuring they not only understand their obligations but are also able to correctly apply them in daily practice,” says Karen Rentmeesters, CEO of AWDC. According to Rentmeesters, AWDC, as a sector federation, goes further than many other sectors also subject to AML regulations. “The large number of participants and the nearly 80% pass rate for an exam requiring in-depth knowledge of AML legislation demonstrate that our approach works.” Minister David Clarinval, Deputy Prime Minister and Minister of Economy, Labour and Agriculture, also underlined the success of the exam. “This AML exam is an important tool to further strengthen the integrity and international credibility of our diamond sector. In a context where expectations regarding the fight against money laundering are increasingly high, it is essential that our companies have impeccable, practice- oriented knowledge. The high pass rate of this first edition demonstrates the sector’s commitment and strengthens the confidence of financial partners and international institutions in the Belgian diamond industry.” AWDC finally emphasises that collective efforts by the sector federation, diamond traders and the regulator are essential to further strengthen trust in the sector, including towards international financial institutions and watchdogs such as the Financial Action Task Force (FATF). Exam simplifies AML certification for diamond companies A total of 196 people participated in the exam. Successful participants receive an official certificate valid for three years. The AML certificate is a legal requirement for diamond companies and can be obtained either through this new exam or by correctly completing an annual questionnaire. Companies that pass the exam are exempt from this annual obligation for three years, significantly reducing administrative burden.

Tag: Belgian diamond traders

Most Read

De Beers and Forevermark Diamond Jewellery Bring Jaipur’s Royal Legacy into a New Chapter for natural diamonds

Basilia Jewellery & Watch Fair its gateway trade fair for the jewellery, watch and gemstone industries in Asia and Europe

CaratLane Makes History on 18th Birthday: Enters GUINNESS WORLD RECORDS™

Platinum Guild International (PGI) India has unveiled a new Men of Platinum Designs collection

EDITOR PICKS

De Beers and Forevermark Diamond Jewellery Bring Jaipur’s Royal Legacy into a New Chapter for natural diamonds

Basilia Jewellery & Watch Fair its gateway trade fair for the jewellery, watch and gemstone industries in Asia and Europe

CaratLane Makes History on 18th Birthday: Enters GUINNESS WORLD RECORDS™

POPULAR POSTS

De Beers and Forevermark Diamond Jewellery Bring Jaipur’s Royal Legacy into a New Chapter for natural diamonds

Basilia Jewellery & Watch Fair its gateway trade fair for the jewellery, watch and gemstone industries in Asia and Europe

CaratLane Makes History on 18th Birthday: Enters GUINNESS WORLD RECORDS™

POPULAR CATEGORY

ABOUT US

FOLLOW US