Illicit Gold Trade and TBML Policy Options

Featured Speakers :
WHEN : 07/21/2020 1:00 pm 2:00 pm ET

Complimentary webinar, courtesy of Global Financial Integrity (GFI)

  • The second in a two-part series that will explore issues in gold trafficking as a key money laundering and financing tool for criminal groups and sanctions evasion.
  • The series will look at the illegal gold trade through Colombia, Venezuela, Uganda, the role of commodity trading hubs like Dubai and Switzerland and its impact on the U.S. financial system.

What makes gold particularly vulnerable to abuse by organized criminals, armed groups, corrupt oligarchs are the nature and size of the market and anonymity it provides. Gold is a cash intensive business with limited oversight and licensing processes. Furthermore, once gold has been mined, there is nothing in its condition to indicate if it was produced legitimately or otherwise. This makes tracking the origins of gold exceedingly difficult but also highly attractive to illicit actors wishing to hide, move or invest their illicit proceeds.

The complex and inter-connected nature of the global financial system and trade system further compounds these problems as does the abuse of anonymous and complex corporate ownership structures to skirt global AML/trade-based money laundering (TBML) efforts.

The second part of the webinar will discuss the policy options for the U.S. government and the private sector to address the risks of TBML in the illicit gold trade and the effectiveness of ongoing policy measures.

This session is eligible for 1 CFCS credits.

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