Antwerp’s diamond exchange bank to expand its business to meet European demand
Antwerps diamond exchange will expand its trading and investment activities to meet Europe’s demand for diamonds, the Dutch financial regulator has said.
The company’s Diamond Exchange Board said in a statement that the bank would invest in the development of a diamond trading platform, which will be launched in the coming months.
The bank said the platform will be operated by Diamond Exchange Trading Co., which will serve as a catalyst for the Diamond Exchange Bank.
The decision comes after the EU-based organisation launched an anti-money laundering scheme aimed at preventing diamond dealers from laundering money through shell companies and front companies, and the use of shell companies for laundering money.
It said the aim was to stop diamond dealers using front companies to launder money through their diamond trades.
The European Commission said last year that more than $2 billion had been laundered through diamond trading platforms, mostly through companies linked to the former Belgian government.
It has launched an investigation into the Diamonds Exchange Bank, as well as two other diamond trading companies, after receiving complaints from Dutch authorities.