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The Israeli government has revised the country’s diamond industry risk rating from high to medium, following measures implemented by diamond businesses to improve transparency and compliance with international financial guidelines.
The move is “a vote of confidence in the Israel diamond industry and a step towards the establishment of a free trade zone” in the Israel Diamond Exchange (IDE), commented IDE President Boaz Moldawsky.
The risk rating, published in November in a comprehensive review of Israel’s anti-money laundering risks, was lowered from 3.7 to 2.7. The chapter on the diamond industry cited important steps that were taken by the industry to cut...
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