PERU TARGETS MULTINATIONALS LINKED TO SALE OF ILLEGAL GOLD

Insight Crime on 10th April reported that a new investigation into illegal mining has revealed that Swiss-based Metalor Technologies may have bought illegal gold from a Peruvian company.  The case is the latest against a multinational firm credited by the London Bullion Market Association, which has seen its member refineries accused of facilitating illegal mining. M It says that Metalor processed some $3.5 billion worth of gold from the Peru-based firm Minerals del Sur (Minersur) between 2010 and 2018, according to documents obtained.  After failing to drive out illegal gold mining, Peruvian authorities have set their sights on the exporters and multinational refineries suspected of processing dirty gold; and recently the London Bullion Market Association (LBMA), which sets standards for the world’s biggest refineries, has come under fire for giving its stamp of approval to members accused of flouting basic sourcing standards.  Last year, Texas-based Elemetal LLC pleaded guilty to failing to comply with AML protocols designed to stop illegally mined gold from being imported to the US from South America – having purchased $350 million worth of gold from 4 companies in Peru.  3 employees of Miami-based refinery, NTR Metals, a subsidiary of Elemetal and which was also certified by LBMA but later expelled from the organisation, were convicted of running an international laundering scheme in which they bought billions in illegally mined and smuggled gold.

https://www.insightcrime.org/news/analysis/peru-targets-multinationals-illegal-gold/

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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