Last month I posted several articles from the local press praising the opening of a new diamond center here in Panama. On the surface it looks like another good thing to come to the country, but according to an article in International Relations and security network, it could turn into another black eye for the country. The article goes into detail about the illegal diamond trade in Latin America and the connections to Chavez and Iran.
Excerpts: Leaders from the global diamond trade met in Panama City on 13 October
to persuade President Ricardo Martinelli to establish a tax-free zone
for Latin America’s first regional diamond exchange. The lobbyists won
over Martinelli, who by 19 October had publicly committed to support
legislation in the Panamanian National Assembly designed to give free
trade zone status to the Panamanian Diamond Exchange (PDE).
Panama will also work to pass the necessary legislation to join an international diamond trading regulatory regime known as the Kimberley Process, Martinelli said.
But observers worry that Panama’s role in laundering illegal diamonds
mined in South America might only grow as the Central American country
becomes a regional hub of the Latin American diamond trade.
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