Coinweek on 20th March reported that US gold refinery Elemetal LLC, based in Dallas, Texas (t/a “Elemetal” and “NTR Metals”), had pleaded guilty to a single-count information charging Elemetal with failure to maintain an adequate AML programme.  According to filings, from August 2012 through November 2016, Elemetal purchased and refined billions of dollars of gold from countries around the world, including from Central America, South America, the Caribbean and Europe.  Because of the high risk of gold-based money laundering, federal law requires precious metals dealers to establish AML programmes.  However, the company failed to adhere to the requirements, ask sufficient questions or seek adequate or appropriate information and evidence.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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