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Belgium is haven for gold launderers

12:19 25/09/2012

A loophole in the Belgian law regulating the sale of gold means that Belgium, and Antwerp in particular, has become a haven for people wishing to launder the metal, reports De Tijd. An Antwerp court recently launched an investigation into a company considered to be one of the world’s biggest gold dealers, but was left powerless because of what appears to be a mistake or an oversight in the way the law is phrased. The legislation states that all payments for transactions worth more than €5,000 must be done electronically (therefore leaving a trace) but only when the gold dealer is the selling party. Practically speaking, this means that gold dealers can carry on buying gold using cash regardless of the amounts involved – a practice regarded as the standard in the industry.

 

Written by The Bulletin Editorial Team