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WFDB invited to join FATF forum

July 15, 2008

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Antwerp, Belgium—The World Federation of Diamond Bourses (WFDB) has been admitted as a member of the Financial Action Task Force's (FATF) consultative forum, the WFDB announced this week.

The FATF made the decision to admit the WFDB during a meeting in mid June.

The FATF is an inter-governmental body that develops and promotes national and international policies to combat money laundering and the financing of terrorism. The organization also works to generate the necessary political will to bring about legislative and regulatory reforms where necessary.

In a letter to WFBD Secretary General and Executive Director Michael Vaughan, FATF President James Sassoon stated the close interaction between the FATF and the diamond and precious metals industries contributed toward developing a set of written guidelines for the FATF on the precious stones and precious metals industries.

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

WFDB President Avi Paz said the WFDB's admittance to the FATF is proof of the organization's ever-growing influence and role.

"As the diamond industry's leading supervisory body, it is only logical that the WFDB has had a decisive influence on draft guidelines on precious stones and precious metals, as adopted by the FATF," he said.

The FATF's guidelines for the precious metals and precious stones industries soon will be available at FATF-GAFI.org.
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