FATF, UNODC Push Banks to Tighten Controls on Illicit Gold

Gold’s high value, portability and fungibility make it an effective vehicle for organised crime: false permits, origin mislabelling and commingling at refineries can turn illegally mined metal into apparently legitimate inventory. Illicit gold mining is estimated to generate $12 billion to $48 billion annually. With bullion prices up more than 182% over five years, the trade has shifted from a supply-chain and environmental concern into a material anti-money laundering and trade-finance risk for banks.

In June 2026, the United Nations elevated illegal mining and mineral trafficking under General Assembly Resolution 80/227, framing the activity as a security, justice and state-authority issue. That month, FATF approved priorities for the UK’s 2026-2028 presidency, including stronger risk-based supervision, cross-border information sharing and public-private partnerships. More than 80% of financial institutions have exposure to illegal-mining risk, while 40% have yet to take mitigating action, raising scrutiny of refiners, exporters, commodity traders and their correspondent banks.