Diamond Link with Militants – An Investigation
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Diamond Link with Militants Is a Hidden Issue Due To Diamonds’ Small Size

2004: Diamond Link with Militants Exposes No Strong Evidence

May 2004

A U.S. official recently told the World Diamond Council that, while there is no firm evidence that terrorists were laundering money through diamonds, the industry was “vulnerable” and it would continue to study whether there was a link.

William Fox, the head of the Treasury's Financial Crimes Enforcement Network (FinCEN), said “we are receiving enough information from government agencies, private concerns and the industry to warrant a closer examination of the problem.” Fox said diamonds could appeal to militants because of their relatively stable prices and small size, them discreetly across borders.

Fox called on the industry to enhance transparency and work together more closely with international governments to minimize the risks that criminals could abuse the sector.


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