FAKE-BRANDED GOLD BARS SLIP DIRTY GOLD INTO WORLD MARKETS

KYC 360 on 28th August reported that gold bars fraudulently stamped with the logos of major refineries are being inserted into the global market to launder smuggled or illegal gold.  It says that, in the last 3 years, bars worth at least $50 million stamped with Swiss refinery logos, but not actually produced by those facilities, have been identified.  It appears that the gold is real, only the markings are fake, designed to get around measures to block conflict minerals and prevent money laundering.  It is not clear who is making the bars found so far, but executives and bankers told Reuters they think most originate in China, and entered the market via Hong Kong, Japan and Thailand.

https://www.riskscreen.com/kyc360/news/fake-branded-bars-slip-dirty-gold-into-world-markets/

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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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