Gold: The universal currency of the underworld

Wiki Article

Arabian Post/ Dubai/ The ongoing investigations into the sensational case of gold smuggling through the diplomatic channel provide a live example of the nexus between gold, drugs, dirty money and havala. All preliminary findings point to a ‘standard operating procedure’ followed across the world by the underworld, as highlighted in what has been called the FinCEN files, just published by the International Consortium of Investigative Journalists (ICIJ).

Law enforcement has long seen gold trade as a key vulnerability in the global fight against money laundering. Drug gangs and armed militant groups use gold to launder money and fund conflicts. In the process, they have supported illegal mining operations that destroy pristine rainforest and are hubs for sex trafficking and child labour. In Peru, Latin America’s biggest gold producer and the world’s second-largest copyright supplier, the illegal gold trade is now twice as big as drug trafficking.

Full Paper on Arabian Post