New rules apply for valuables-in-transit

In the framework of the European anti-money laundering legislation, the Belgian legislation on valuables-in-transit has become more stringent. This has implications for the diamond sector where secure transports are commonplace. The Antwerp World Diamond Centre (AWDC) is prepared to guide all affected stakeholders through the implementation of this new legislation.

Valuables transporters must identify both their customers and the goods they carry, so that they can alert the authorities in case of irregularities. The new regulations also imply that diamond traders will need to increasingly make use of secure transport.

"This has a great deal of implications for our industry," says Margaux Donckier, spokesperson for the Antwerp World Diamond Centre. "The AWDC will help everyone adapt to the new rules. "

1. Standard documents

If goods are transported through the AWDC’s Diamond Office (DO), the valuables transporter does not have to provide additional identification for the shipment: the legislator deems DO controls as sufficient. Valuables transporters are only required to provide additional identification of the customers. For goods not passing through the Diamond Office, diamond dealers must provide two documents to the valuables transporters: an identification file of the client, and an identification file of the shipment.

The Antwerp World Diamond Centre has, in collaboration with the Public Service of Internal Affairs, developed a standard KYC document (Know Your Customer), including a document  describing the goods for the valuables transporter, so that the diamond traders with whom they are working with can easily comply with the new law.

You can find these documents below.

2. More secure transports

Besides the additional administrative obligations, diamond-trading companies will be increasingly required to make use of secure transport. This has implications for both professional forwarders as well as diamond traders.

Overall, it comes down to the following:

Diamond dealers, their staff and diamond brokers:

• Will be free to choose whether or not they wish to use secured transport if goods are transported on foot, by train, by tram or airplane (without the use of a car)
• In case of the use of other vehicles (car, taxi, bus, bicycle, motorcycle, scooter) security measures to be taken depending on the value of the shipment:
  • <150,000 euro: parties are free to determine whether or not a package is shipped via secured transport
  • >150,000 euro: secure transportation of the shipment by a recognized and licensed valuables transporter is mandatory

Forwarders and transportation companies:

• Will be free to choose whether or not they use a secure transportation method, in case of transportation on foot, by train, by tram or airplane

• In case of the use of other vehicles (car, taxi, bus, bicycle, motorcycle, scooter) secure transportation of the shipment by a recognized and licensed valuables transporter is obligatory

3. No more transportation by courier companies

Courier companies such as DHL, UPS, GLS, Bpost and others are no longer authorized to carry diamonds.

Please note: Bpost is an exception and may carry diamond shipments valued under €150,000, even after 1 September.

Shipments with valued at over €150,000 may never again be transported by a courier company.  

Overview of the changes due to the new legislation: