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WFDB supports G8 on partnerships to counter terrorism

December 20, 2006

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Antwerp, Belgium—The World Federation of Diamond Bourses (WFDB) announced it supports the strategy proposed last month at the G8 Summit's Global Forum for Partnership between States and Businesses to Counter Terrorism.

Ernest Blom, president of the WFDB, applauded the measures announced at the meeting, which was held in Moscow and ended Nov. 30. WFDB Vice President Avi Paz represented the organization at the meeting.

At the conclusion of the meeting, the G8 Summit presented a multi-point plan in which governments and businesses can share information, knowledge and experience. The goal of the plan is to improve and implement measures to counter terrorism. Notable for the diamond industry was for governments and the industry to act together in identifying financial flows that support terrorism and to lessen the vulnerability of the supply chain to terrorist attacks. Under the plan, joint assessments will be made and disseminated on terrorist threats.

Blom said the WFDB fully supports the measures outlined at the summit, and that the industry will strive to ensure diamonds and other stones "are not hijacked by terrorists or other criminal elements," he stated. "We are well aware of the dangers that such activity poses for our business and, as many know, we voluntarily agreed to regulation so that both the diamonds and currency we handle remains untainted."

Paz, who addressed the Global Forum in Moscow, called on governments to take a strict but reasoned approach on measures to separate the legitimate diamond business from terrorism. He said because economic prosperity is an important tool in fighting the root causes of terrorism, strategies that restrict the growth and development of the diamond business would be counter-productive.

"We fully support efforts designed to eliminate the possibility that a diamond be used as a tool for money launderers," he said. "We urge that these efforts do not result in the creation of artificial diamond-trade barriers, nor should they impose impossible burdens on the diamond trade."
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Economic Issues | Globalization | Terrorism | War and Conflict

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