Implementing AML/CFT Measures in the Precious Minerals Sector: Preventing Crime While Increasing Revenue

Emmanuel Mathias and Bert Feys

No 2014/001, IMF Technical Notes and Manuals from International Monetary Fund

Abstract: The trade in precious metals and stones has been linked to illicit financial flows, corruption, smuggling, drug trafficking, illicit arms trafficking, and the financing of terrorism. In addition, the extraction of precious minerals and the subsequent trade in these resources, if properly managed, present significant revenue opportunities, particularly for countries facing development needs. Building on staff expertise in anti-money laundering and combating the financing of terrorism (AML/CFT) and technical support and analytical advice on the management of natural resources, this note is a reference guide to aid countries in using the AML/CFT framework to help combat crime related to and affecting the precious minerals sector while raising revenue.

Keywords: TNM; dealer; proceeds; country; tax; administration; offense; Precious minerals; money laundering; terrorism financing; revenue administration; smuggling; tax evasion; tax administration authorities; minerals dealer; business customer risk factors; counter-party risk; tax authorities; customs authorities; law enforcement authority; unprofessional tax administration; law enforcement authorities; Non-renewable resources; Anti-money laundering and combating the financing of terrorism (AML/CFT); Gold; Mining sector; South America; Global; Southeast Asia; Western Europe; Africa (search for similar items in EconPapers)
Pages: 31
Date: 2014-11-07
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