The Antwerp World Diamond Centre (AWDC) has responded firmly to allegations published by the Belgian newspaper De Tijd, which questioned the diamond industry’s commitment to anti-money laundering (AML) measures. The claims stem from an investigation involving a Ukrainian-French jewelry business owner connected to Antwerp’s Diamond Club.
Criminal Investigation Sparks Controversy
The investigation focuses on a 43-year-old Ukrainian-French woman, named as Iryna G, who faces allegations of money laundering in connection with supplying food to Ukraine’s military. Authorities in Ukraine reportedly uncovered over €4.7 million in suspicious cash as part of the inquiry.
While the case primarily concerns Iryna G and her company, IKG, which rents an office in the Antwerp Diamond Club, De Tijd drew links between this and the wider Antwerp diamond sector. This connection prompted the AWDC to issue a robust response.
AWDC Defends Industry Standards
The AWDC disputed the allegations, describing them as speculative and unfounded. In its statement, the AWDC said: “The article’s insinuations about alleged connections between Antwerp’s diamond industry and a fraud case involving food deliveries to Ukraine’s Defence Ministry are speculative, lack factual basis, and are solely based on the fact that the implicated company rents an office in the Antwerp Diamond Club.”
The AWDC further noted its disappointment with what it called unfounded doubts about the sector’s compliance with AML regulations: “Antwerp’s diamond industry is one of the most heavily regulated sectors in Belgium, adhering to the strictest anti-money laundering regulations.”
AML Compliance Under Scrutiny
The De Tijd article highlighted that the Antwerp diamond sector reported only two suspicious financial transactions to Belgium’s anti-money laundering unit in 2023. This statistic, according to the newspaper, raises questions about the industry’s vigilance in identifying and reporting suspicious activity.
The AWDC responded by emphasising the regulatory framework governing the diamond trade in Antwerp and reaffirming its commitment to adhering to AML protocols.
