Gold proceeds used to fund crime
15 August 2013, 10:06
Nairobi - Proceeds worth KES 2.2 billion from illegal gold trading was kept out of the financial system and could have been used to fund criminal activities, a Criminal Investigations Department (CID) report reveals.
The Standard reports that the CID submitted their findings to a parliamentary committee probing the dealings. The report shows gold exporters have been able to beat strict anti-money laundering laws after bypassing banks to pay for illegal shipments of gold.
The money could be used to fund terrorism, arms trade and money laundering, since most of the firms involved in the trade preferred handling huge sums of money in cash and concealed some transactions.
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