Prosecutors settle with Republic Metals in ‘dirty gold’ case

Soiled Gold _ Clean Cash

A River of Gold controlled by Drug Lords Runs via Miami

A River of Gold controlled by Drug Lords Runs by way of Miami

Federal prosecutors stated Wednesday they have reached a deal to not deliver legal costs towards South Florida-based mostly Republic Metals, one of the largest gold refineries on the planet, in an extended-operating investigation into cash-laundering and Financial institution Secrecy Act violations within the multibillion-dollar gold trade between Latin America and america.

Underneath the phrases of the “non-prosecution agreement,” Republic agreed to continue cooperating in the federal investigation into the gold business and to make improvements in its anti-cash-laundering program.

The U.S. Lawyer’s Workplace in South Florida has been investigating Miami’s gold commerce for a number of years, specializing in how U.S. gold refineries have been buying illegally mined gold from Latin America that enriched narcotics traffickers and devastated the rain forest. The metallic is extensively used by america’ largest corporations to manufacture jewellery, electronics and bullion, though most American shoppers do not know they could unwittingly be buying what specialists call “blood gold.”

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