State Minister Rosfinmonitoring Herman Neglyad told the newspaper: “News”He said that as such an investment vehicle begins to carry money laundering risks, financial intelligence has sent a recommendation to banks to give them greater control over operations for the purchase of precious metals.
He drew attention to the importance of buying gold as an investment tool due to the weakening of confidence in foreign currency in Russia.
“In light of this, it is particularly important to exercise control over transactions for the purchase of precious metals, verifying the origin of funds,” said Neglyad.
The Central Bank clarified that individual transactions with precious metals are suspicious.
The laundering scheme using precious metals is stated as follows: firms purchase gold or silver through a chain of technical companies. The bars are then either exported abroad or resold between affiliated brokers and then transferred to the bank and then the funds received are cashed out.
Formerly the Central Bank of Russia clarified money laundering scheme using investment coins.