TechFlow, June 19 — According to Decrypt, criminal organizations in the UK are increasingly using gold to launder money and hide illegal proceeds. With gold prices nearing record highs of around $3,400, police have uncovered multiple cases, including an Essex drug dealer hiding gold coins worth $32,425 and a Bradford-based gang laundering nearly $359.4 million by purchasing gold granules. Legal advisor Gary Carroll said gold enables criminals to convert large amounts of cash into portable, appreciating assets. However, Ari Redbord, Head of Global Policy at TRM Labs, pointed out that because gold does not circulate on blockchains, its growing criminal use is difficult to quantify—precisely why criminals favor it. Unlike traceable cryptocurrencies, gold leaves no "digital footprint," though transporting large quantities still carries risks.
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