The National Crime Agency (NCA) has alerted financial institutions and regulated entities about Russia’s use of gold to undermine UK sanctions. Gold, a significant income source for Russia, valued at £12.6 billion in 2021, is being exploited to bypass sanctions. The NCA warns of deliberate efforts to launder sanctioned gold, concealing its origin for sale in the UK and globally. Recent trends show Russian gold exported after July 21, 2022, is directed to countries without sanctions. Once melted or refined, the gold’s origin becomes untraceable, facilitating its sale to unwitting buyers. The NCA emphasizes collaboration with the financial sector and international partners to counter sanctions evasion, particularly using gold. The London Bullion Market Association’s standards for ‘London Good Delivery’ gold play a crucial role, with LBMA-accredited refineries covering a significant portion of global gold production. The alert aims to strengthen efforts to prevent sanctioned individuals from exploiting gold to circumvent UK sanctions.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}