Israel Diamond Exchange (IDE) members met on Tuesday to debate the impact of an Anti-Money Laundering Law on the local diamond industry.
The meeting was attended by IDE President Shmuel Schnitzer, Israel Diamond Manufacturers Association President Kobi Korn, Israel Diamond Institute Chairman Moti Ganz, the Ministry of Economy's Diamond Controller, Shmuel Mordechai, Acting Director at the Israel Money Laundering and Terror Financing Prohibition Authority Dr. Shlomit Vagman-Ratner, General Counsel of the IDE Osher Partok Rheinisch, Maya Lederman, the head of the IDE's negotiating team Chaim Eini, and many others, including a large number of IDE members.
The main details of the legislation were outlined in a meeting at the bourse in March.
A month later, IDE members will be subject to supervision in the field of client identification by the office of 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 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.
"Every IDE company must appoint a point-person for implementing the law, and it is imperative that you explain to each member of your company about the new cash payment policies.”
