German customs authorities dismantled a gold trading network that used legitimate firms in Germany, the United Kingdom and the United Arab Emirates to launder at least €45 million in drug proceeds, fueling calls for increased scrutiny of transactions involving precious metals. On Jan. 23, following a six-month trial in Stuttgart, a 45-year old unnamed gold dealer, his 44-year-old wife, a business partner in Dubai and a courier were sentenced to a combined 28 years in prison for using fraudulent documentation and other means to move and conceal the funds for Dutch drug traffickers from April until October 2018. The case,...
Money services businesses can expect tougher anti-money laundering supervision in Germany ahead of a global assessment of the country's controls against illicit finance in October, a senior official told ACAMS moneylaundering.com.
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