3 January 2007
Authorities in Spain have uncovered a gold-based money laundering scheme run by a group of jewelers, reports www.moneylaundering.com .
Dealers allegedly bought gold in Switzerland which was then sold to local wholesalers and jewelry manufacturers through shell companies without the correct paperwork, and then resold to other companies.
Spanish authorities estimate that over US$200 million was laundered through the scheme.
http://www.diamondintelligence.com/magazine/magazine.asp?id=4626
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