Panama Diamond Exchange Holding AML/CFT Seminar

(IDEX Online News) – The Panama Diamond Exchange will a host a seminar for representatives of the government of Panama, members of the diplomatic corps, the financial and business sectors and the media, focusing on regulatory policies associated with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), specifically in respect to the diamond, gemstone and jewelry trades. 

The seminar, on July 22, will also feature an update on measures that are required to implement the Kimberley Process Certification Scheme, which is the international system designed to prevent the infiltration of diamonds from areas of conflict into the legitimate chain of distribution, and to which the government of Panama is a signatory. 

The AML/CFT seminar, which will be conducted in English, will be presented by Cecilia Gardner, President and CEO of the Jewelers Vigilance Committee in the United States. Gardner, who is regarded as a preeminent legal expert in the gemstone and jewelry industries, will be joined by Dr. Martin Hochbaum, Managing Director of the Diamond Dealers Club (DDC) in New York and Chairman of the U.S. Kimberley Process Authority.

"As the only recognized diamond exchange in Latin America, we are committed to doing all that we can to ensure that the regional gemstone and jewelry trade meets all the international standards required to ensure the integrity of our products and our business community," said Eli Izhakoff, PDE's Founding Chairman in a statement.

"We are pleased to know that the Panamanian government shares our opinion, and is ready to work with us to meet these goals."

Meanwhile, Gardner said: "The seminar is being conducted in support of the Panamanian government's commitment to work with the FATF (Financial Action Task Force) to build its AML/CFT enforcement and to update its implementation of the Kimberley Process system. 

“The training offered by the JVC and the DDC NY aims to ensure full knowledge on the part of relevant government officials of the steps required to engage with the international community to prevent money laundering, terrorist financing, and the trade in conflict diamonds."