"We're talking billions and billions of dollars a year in dirty money. As the number one destination for Colombian gold, the US is involved. In 2024, Colombia exported $4.1 billion worth of gold, according to UN trade data. The United States imported roughly $1.5 billion of that, making it the largest single destination."
"In Colombia, we can say totally uncontroversially that illegal gold mining generates more money for organized crime than the drug trade. The price of cocaine has sort of stalled out, pointing to overproduction in Colombia and other countries. The value of gold, by contrast, has surged, and criminal groups have recalculated accordingly."
Gold prices exceeding $5,000 per ounce have fundamentally transformed Colombia's criminal economy. In 2024, Colombia exported $4.1 billion in gold, with the United States importing approximately $1.5 billion, making it the primary destination. Illegal gold mining now generates more revenue for organized crime than drug trafficking, as cocaine prices have stagnated due to overproduction. Criminal groups have strategically shifted focus to exploit the lucrative gold market. US anti-money-laundering systems, historically designed to track narcotics proceeds, are now inadequately equipped to monitor the massive flow of illicit gold entering American markets through financial channels.
#illegal-gold-mining #colombian-organized-crime #money-laundering #us-colombia-trade #criminal-economy-shift
Read at Business Insider
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