Reported by Julia Yansura & Helen Taylor

(Excerpt shared below. To read full report, go to: https://thefactcoalition.org/uk-illicit-finance-summit-puts-dirty-gold-in-the-spotlight-real-reforms-must-follow/)

Ahead of International Anti-Corruption Day on December 9th, the UK’s Foreign Secretary Yvette Cooper unveiled plans for the upcoming Illicit Finance Summit to be hosted by the UK on 23-24 June 2026. Bringing together leaders from a broad coalition of countries, the summit will prioritise collective action on three key themes: real estate, crypto, and gold. 

These three high-risk asset classes pose critical illicit finance threats that operate across borders and can only be effectively tackled through international cooperation. The Summit provides a significant opportunity for countries to better understand these threats, commit to meaningful policy reforms, and forge partnerships for sustained international cooperation on concrete actions.

Why gold? 

The UK government conservatively estimates that the global illicit gold market is worth at least $80 billion (UK£60 billion) annually. Some experts believe that it may be even higher. Researchers from SwissAid told us that they estimate at least 900 tons of illicit gold enter the market each year, including 300 tons of Russian conflict gold, amounting to $117 billion (UK£87 billion). 

Gold is difficult to trace, easy to transport, and subject to much less stringent anti-money laundering and counter-terrorism financing safeguards when compared to other assets such as cash or banked funds. The price of gold has increased by over 50 percent this year, reaching record highs and attracting the attention of both legitimate investors as well as criminal networks. 

Local challenges, global impacts

One of the challenges that the summit may face is that illicit gold poses very different threats to different regions of the world. In the UK, gold is often used to launder the proceeds of crime. Earlier this year, for example, UK prosecutors convicted four individuals in a £200 million gold case considered to be one of the largest money laundering prosecutions ever brought to the courts in England and Wales. Another primary concern for the UK and other European nations is Russia’s ability to evade sanctions programsthrough gold-for-cash trades that enable access to Western currency. 

Meanwhile, in the African continent, concerns over gold are more often linked to issues with illegal mining, poverty, and environmental degradation through the use of mercury, one of the most toxic substances on earth. Many countries in the Western Hemisphere share these problems. Yet in the Americas, the most violent region on earth, there are also very acute concerns with how illegal gold fuels violence, armed conflict and organized crime.