U.S. Laws Lag Behind Criminal Exploitation of Illegal Gold Mining, Coalition Warns
The FACT Coalition is highlighting a critical gap in U.S. laws that allows criminal organizations to exploit illegal gold mining for money laundering, with gold now generating more illicit profits than cocaine in countries like Colombia and Peru. The shift towards gold is driven by its historically high prices and less scrutiny compared to drug trafficking. Criminal groups are using sophisticated methods, such as smuggling crudely made gold jewelry and using anonymous companies, to launder billions of dollars. For instance, a Boston-area man was recently convicted for smuggling gold and platinum from Colombia and laundering money, bragging about the ease of bypassing U.S. border controls. The U.S. is particularly exposed to this issue, being the largest destination for Colombian gold exports, with an estimated 80% of Colombia's gold-related exports having an illegal or criminal origin.
