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Bullion groups launch gold bar database to thwart fraud
By Peter Hobson
Reuters
Monday, March 28, 2022
LONDON -- Two gold industry associations are working with miners, refiners, traders, and shippers to create a database of gold bars in an effort to prevent trade in counterfeit metal and allow buyers of bullion to trace its origin, they said today.
The scheme aims to exclude gold linked to violence and crime from the mainstream market. Gold worth billions of dollars is mined each year in illegal conditions and large amounts are sold by groups including warlords and drug traffickers.
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Reuters reported in 2019 that gold bars fraudulently stamped with the logos of major refineries were being inserted into the market to launder smuggled or illegal metal.
The London Bullion Market Association and the World Gold Council said companies including miners Barrick and Newmont, refiners Metalor and MKS PAMP, and shippers Brinks and Loomis would submit data to a pilot scheme that should eventually extend worldwide. ...
... For the remainder of the report:
https://www.reuters.com/business/bullion-groups-launch-gold-bar-database-thwart-fraud-2022-03-28/
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