IMF tackles Africa's illicit diamond trade

The International Monetary Fund (IMF) has launched a project to help 16 African countries fight against money laundering and the use of their gold and diamond industries to fund terrorism.

"In the last few years, a number of reports have raised concerns about the existence of links between the trade in precious minerals and illicit financial flows, corruption, drug trafficking, arms smuggling and the financing of terrorism," the IMF reported.

With Africa's gold production estimated at $19 billion a year, and the continents' diamond output valued at around $6 billion, the IMF stressed that an unknown amount is tapped each year for criminal purposes.

Editor's Comment
Doctor's orders can't be overemphasised

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