miami herald series on dirty gold

pmbug

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Reading part 1 right now and it's focusing on NTR. The Peruvian mining issues are known.

Honestly though, I thought the cartels had moved to cryptocurrencies to wash their dirty laundry.
 

carlyle90

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Yeah, the NTR case is interesting for sure. I wonder how many other companies buy their gold the way NTR did.. and if others do the same thing, it doesn't seem like charging three people will actually do anything.

I was also wondering why cartels, etc don't use cryptocurrencies instead, esp with the privacy etherium offers for example. but i guess in their case, they just need to offload cash which isn't easily transferrable to cryptocurrency? tbh i don't know much about cryptocurrency so i could be wrong.
 

pmbug

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*bump*

I saw some news this morning that had me digging a bit and I ran across some old news about RMC.

2015:
... OjoPúblico identified the major financiers of the gold fever that has devastated large parts of South America in recent years—a group of companies from the US, Switzerland, Italy and the United Arab Emirates, associated or linked to the London Bullion Market Association (Lbma), the union that sets the international price of gold and that gathers the major traders of this asset in the world.

These companies -Metalor Technologies and MKS Finance, from Switzerland; Northern Texas Refinery (NTR Metals) and Republic Metals Corporation (RMC), from the US; Italpreziosi from Italy and Kaloti group from the emirate of Dubai-, are also suspected of buying hundreds of tons of illegal gold from south American exporting firms managed by illegal mining operators linked to money laundering, organized crime and cross-border smuggling of metal.
...
http://ojo-publico.com/dirty-gold-chasing-the-trace-of-the-london-bullion-market/

2014:
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 investigation is centered on Goldex, although other companies may be involved, the Attorney General’s office said in an e-mailed response to questions.
...
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. Goldex said its business with RMC was put on hold by mutual agreement while a certification process was concluded.
...
https://www.bloomberg.com/news/arti...-investigated-in-colombian-cocaine-laundering

2012:
Federal prosecutors in New York have returned $20.2 million in seized money from the Opa-locka-based gold refinery after admitting to a botched money laundering investigation.
https://www.law.com/dailybusinessreview/almID/1202580076639/
 
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