In a cross-atlantic move US and UK officials announced fresh sanctions today targeting gold-trade networks (that help dodge international rules). The UK treasury blocked funds of five people: four gold smugglers and one big-scale buyer who spent over $300M on Russian precious metals
The operation aims to stop Vladimir Putin from getting money through back-door gold sales. Since mid-2022 when western countries stopped buying Russian gold the trade moved to shadow markets: “Its clear that Moscow uses hidden gold deals to get around our limits and fund its military plans‚“ a UK statement points out
Kamlesh Pattni – a well-connected businessman with ties to Zimbabweʼs ex-leader Robert Mugabe – stands at the center of this world-wide scheme. His network (which spans through UAE Singapore and Kyrgyzstan) used fake reporting tricks to move gold between countries
Last weekʼs crackdown on money-laundering rings shows growing pressure on Russias hidden finance system. The UK picked Margaret Hodge – who spent about 30 years fighting financial crime – as its new anti-corruption lead; sheʼll work with business groups and lawmakers to stop illegal money flows
- UAE-based companies
- Singapore trading firms
- Kyrgyzstan connections
- Zimbabwe natural resources
The treasury dept noted this announcement matches with International Anti-corruption Day – showing how both countries want to stop dark money flows that hurt legal trade and support bad actions