Financial Crime Unit Chief Urges Cooperation Against Terror Funding
March 31, 04
The US’s Financial Crimes Enforcement Network (FinCEN) is urging international cooperation against the use of the diamond and precious metals trade to support terrorist financing.
William Fox, director of FinCEN, a unit of the US Treasury Department, spoke on the subject at the World Diamond Council’s annual meeting in Dubai, which came to a close today (Wednesday).
Fox is leading a delegation to Rome and Kuwait as well as to Dubai to underline the importance of an ongoing dialogue and partnership between the diamond industry and governments in the Middle East and other countries.
“Just as we fostered financial transparency in the United States and around the world we are now beginning a dialogue to address issues related to trade transparency in the context of money laundering and terrorist financing,” Fox said.
“A public-private partnership is critical to uncovering the ways in which criminals and terrorists seek to exploit commodities such as diamonds. We cannot combat transnational crime without building alliances within the global community and the private sector.”