Italy busts suspected gold-smuggling network

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The booming cash-for-gold sector has become an issue due to poor regulation and suspected mafia involvement.

The investigation involves 118 suspects, the AFP news agency reports.

The criminal network is accused of money-laundering, recycling cash and stolen jewels through cash-for-gold shops, as well as churning out ingots in foundries.

Economic woes

Police said the villa confiscated near the city of Arezzo – a major centre for gold in Italy – was a safe house where the gang hid gold bars and laundered money.

“The money came illegally into Italy from Switzerland, and was used to buy fraudulently obtained gold and silver, then sent back to Switzerland in the form of ingots,” police officer Alessandro Langella said.

Detailed news link (source BBC UK): click here