ILLEGAL FUNDS RAISED IN INDIA THROUGH DIAMOND TRADE: REPORT Paris An International Report on money laundering and terrorist financing across the globe has revealed that India is one among five countries where the trade accounts of the diamond business are used to launder illegal funds amounting to milions of dollars. The report issued on Friday night by the Paris -based Financial Action Task Force (FATF), a global body to set standards to combat money laundering and terrorist financing, says that India has reported instances where diamond prices were over-valued for purposes of laundering and suspect financing. The report has been brought out with an aim to provide a general overview of the global diamond industry, the way it works and the characteristics of diamonds as merchandise, through an anti-money laundering and combating financing terrors lens. The case presented by India exposes how through over-valuation diamonds were shipped at a value that was tens of millions of dollars higher that the real value. This kind of over valuation cannot be done in goods with a fixed or even relatively fixed price. the FATF report on Money laundering and terrorist financing through trade in diamonds sai.
Posted on: Mon, 03 Feb 2014 10:54:29 +0000
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