Cracking Down on the Illicit Gold Trade: New Sanctions Announced

The United States and the United Kingdom have imposed new sanctions targeting the illicit gold trade, which is suspected of financing Russia's war efforts in Ukraine. The UK froze assets linked to gold smuggling, while the US sanctioned entities involved in global money laundering. A new 'Anti-Corruption Champion' was appointed in the UK.

The United States and the United Kingdom have announced a series of new sanctions targeting the illicit gold trade, which officials claim is funding Russian President Vladimir Putin's military efforts in Ukraine. Both nations aim to disrupt this illegal activity that fuels corruption and undermines legitimate trade.

The UK government has frozen the assets of individuals allegedly involved in gold smuggling and purchasing Russian gold worth over $300 million, indicating that this trade provides revenues to the Russian government. The British Foreign Office strongly condemned illicit gold practices, citing their role in facilitating corruption and human rights abuses.

The United States sanctioned several businesses and individuals involved in a Zimbabwe-based global gold smuggling and money laundering network. These actions align with International Anti-Corruption Day and the appointment of Margaret Hodge as the UK's 'Anti-Corruption Champion'. The UK aims to implement a new anti-corruption strategy by 2025.

(With inputs from agencies.)