laundering assets

Cocaine money-laundering 

Part I

As much as *$3.3 billion of gold was smuggled into Colombia in the past two years from countries including Venezuela  , Panama, Mexico and Chile. Colombia is investigating the possible involvement of gold trading firms and a Miami refinery in a cocaine money-laundering  scheme that’s distorting the country’s trade data, according to the tax and customs agency. 

The contraband metal allegedly was sent via trading firms including CI Goldex SA to the U.S. and Switzerland and bought at inflated prices with drug money, he said. Goldex denies any wrongdoing and said it doesn't export gold to Switzerland  and its commercial ties with the Miami plant have been temporarily halted. The alleged gold scheme would be part of money-laundering operations that the Colombian government’s financial intelligence unit estimates at about $11 billion a year. 

“The objective of the investigation is to determine if Goldex was used to undertake asset laundering transactions,” the Attorney General’s office said.  Authorities are also looking into the possible involvement of Republic Metals Corp., a refiner in Miami known as RMC, Ortega said. The Attorney General’s office didn’t respond to questions about RMC’s alleged purchases of contraband gold. RMC closed all accounts with Goldex and related entities last year after raising suspicions “in accordance with its stringent and proactive compliance program,” the company said in an e-mailed response to questions. 

Colombia exported 58 metric tons of gold last year and 77 tons in 2012, according to the statistics agency. More than half of that may have been smuggled into the country and booked as local production, with last year’s 28 percent gold price decline tempering illegal activity this year. Gold is smuggled into the Colombian jungle town of Inirida in small quantities by river from Venezuela, as well as by sea from Panama. 

The U.S. DEA’s policy is to neither confirm nor deny any ongoing investigation...

*The alleged gold scheme would make up only part of a money-laundering operation that the          Colombian government estimates at £6.5 billion a year.

  above: Colombia

    above: Panama city