by Sharda Bacchus
Criminal syndicates in the Americas are increasingly turning to illegal gold mining to move and conceal profits generated from the cocaine trade, INTERPOL Secretary General Valdecy Urquiza revealed on Wednesday.
Urquiza made the disclosure during the opening of the 27th Americas INTERPOL Regional Conference at the Arthur Chung Conference Centre, highlighting the growing connection between drug trafficking and illicit mining as criminal organizations seek new ways to manage their proceeds.
“Cocaine remains the financial lifeblood of groups across central and south America,” Urquiza said.
He explained that the enormous scale of the cocaine trade creates a major challenge for criminal organizations: how to move, hide and clean the large amounts of illicit cash generated from drug trafficking.
According to Urquiza, a growing number of criminal syndicates are addressing that problem by moving their drug capital directly into illegal gold mining.
The development highlights how criminal enterprises can use legitimate-looking commodities and economic activities to move or conceal money generated through other forms of illegal activity.
However, Urquiza stressed that removing illegal commodities from the criminal supply chain is only part of the response. He said authorities also need to identify and pursue the money generated by those activities.
“Seizures takes away their cargo and following the money takes away their business,” Urquiza said.
His remarks point to a broader law enforcement challenge – criminal organizations are not necessarily keeping the proceeds of drug trafficking in cash. Instead, they can seek alternative ways to invest, move or conceal those proceeds through other illicit economic activities.
Rather than focusing only on the drugs or other illegal commodities being transported, authorities are being urged to trace what happens to the money after those commodities are sold.
The INTERPOL General Secretary message was direct: disrupting the flow of criminal money could strike at the underlying business model that allows organized crime groups to continue operating.
“Seizures takes away their cargo and following the money takes away their business,” he said.
Source: NEW ROOMS SITE