New Law Guarantees Bank Accounts for Antwerp Diamond Industry
October 29, 20
(IDEX Online) - Diamond dealers are to be guaranteed basic banking services under a new law passed last week by Belgium's federal parliament.
The move has been welcomed by the Antwerp World Diamond Centre (AWDC) which says many of its members have been rejected multiple times or have had their accounts closed.
Banks around the world are suspicious of the diamond trade, consider it to be high-risk and routinely turn away its business.
The new legislation will come into effect in about six months' time, and will guarantee basic banking services to any Belgian company that has been turned down three times or has their account closed.
Under the new Basic Banking Law such companies can apply to have the government appoint a financial institution to provide it with the services it needs to function.
Pic shows Port House, Antwerp