Implementing AML/CFT Measures in the Precious Minerals Sector: Preventing Crime While Increasing Revenue

November 7, 2014

Disclaimer: This Technical Guidance Note should not be reported as representing the views of the IMF. The views expressed in this Note are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

The trade in precious metals and stones has been linked to illicit financial flows, corruption, smuggling, drug trafficking, illicit arms trafficking, and the financing of terrorism. In addition, the extraction of precious minerals and the subsequent trade in these resources, if properly managed, present significant revenue opportunities, particularly for countries facing development needs. Building on staff expertise in anti-money laundering and combating the financing of terrorism (AML/CFT) and technical support and analytical advice on the management of natural resources, this note is a reference guide to aid countries in using the AML/CFT framework to help combat crime related to and affecting the precious minerals sector while raising revenue.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Commodities, Crime, Economic sectors, Environment, Gold, Mining sector, Non-renewable resources

Keywords: administration, Africa, Anti-money laundering and combating the financing of terrorism (AML/CFT), business customer risk factors, counter-party risk, country, customs authorities, dealer, Global, Gold, law enforcement authorities, law enforcement authority, minerals dealer, Mining sector, money laundering, Non-renewable resources, offense, Precious minerals, proceeds, revenue administration, smuggling, South America, Southeast Asia, tax, tax administration authorities, tax authorities, tax evasion, terrorism financing, TNM, unprofessional tax administration, Western Europe

Pages:
31
Volume:
2014
DOI:
https://doi.org/10.5089/9781498338035.005
Issue:
001
Series:
Technical Notes and Manuals No. 2014/001
Stock No:
TNMEA2014001
ISBN:
9781498338035
ISSN:
2075-8669

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