Posted on October 5, 2014
In an article published last month for the Association of Certified Financial Crime Specialists titled 'In The Face Of Rising Value And AML Compliance Profile, Gold and Precious Metals Sectors Continue To Draw Criminals', Daniela Guzman provides readers with examples of how dealers in precious metals and stones continue to be targets for criminals seeking to conceal and convert proceeds of crime. She points to a number of research articles, including the FATF report from earlier this year, that explain the vulnerabilities of diamonds and gems as a vehicle to launder money. She also refers to an important investigative report conducted by the New York Times in 2003 that examined a gold money laundering scheme that occurred in Manhattan involving the cartel and New York jewellers.
This is essential reading for Canadian DPMS.