Colombia, intelligence unit recommends all gold transactions be reported

Posted on November 22, 2011 • Filed under: Colombia, Crime, Latin America Mining

The Colombian government’s Financial Intelligence Unit (UIAF) is asking that all gold buyers, refineries, exporters and importers are legally required to report all their transactions. The request comes as senior officials warn that the surging price of gold is making trade in the metal an attractive option for large-scale money-laundering operations. Foreign mining companies are flooding into gold-rich areas where artesan miners have mined for generations and where newer, illegal mining operations are popping up overnight. Read Article

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