Banking institutions in Belgium that refuse to open a current account to diamond companies will soon be required to do so by law.
An amendment to the law on basic banking services for enterprises, which prohibits credit institutions from refusing to serve customers from certain business sectors, has already been approved by the Belgian Parliament's committee on economics and will come into force this fall, the newspaper L'Echo writes.
Banks consider the diamond business too risky, since credit organizations often believe that it is inextricably linked with fraud and money laundering.
Thanks to the law amendment, after three refusals companies will be able to file a complaint with the Belgian Ministry of Finance, which will require the bank to allow the relevant legal entity to open a current account.
Alex Shishlo for Rough&Polished
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