NCA issues gold sanctions abuse warning

NCA has warned financial institutions to be aware of deliberate attempts to breach UK sanctions and launder sanctioned gold and hide it in supply chains. Several individuals and entities operating in and supporting Russia’s gold sector have now been added to the sanctions list. It says there is evidence that gold exported from Russia since July 2022 is increasingly being shopped to countries that do not apply sanctions on Russian gold, and then melted down or recast, which disguises the origin of the gold which can then be sold on.

Emma Radmore