UNDERSTANDING MONEY LAUNDERING RISKS IN THE CONFLICT GOLD TRADE

The Sentry has published an Advisory which highlights the money laundering risks stemming from the flow of conflict gold from 4 sub-Saharan African countries affected by armed conflict and corruption — the Democratic Republic of Congo (DRC), South Sudan, Sudan, and Central African Republic (CAR) — with a focus on risks in Dubai,  the destination point for an estimated 95% of gold from East and Central Africa.  It says gold is frequently used as a money laundering vehicle by armed groups, criminal networks, and corrupt actors, who can then mask its origins by melting it together with other gold.  The record-breaking rise in world gold prices in recent years has driven a new artisanal gold mining and refining rush in conflict-affected and high-risk areas in East and Central Africa.  Dubai has rapidly risen over the past 20 years to become one of the world’s largest gold trading centres, particularly for artisanal and small-scale gold from sub-Saharan Africa, Latin America, and South Asia. 

https://thesentry.org/reports/conflict-gold-trade/

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

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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