The National Crime Agency (NCA) has issued an alert to financial institutions and other members of the regulated sector on Russia’s use gold as a means to circumvent UK sanctions.
The alert provides information on:
- The NCA’s expectations of firms;
- Typologies for circumventing the new Russian gold import ban;
- Indicators of circumvention related to different types of gold; and
- Industry guidance.
Firms should view the NCA notice to remain attuned to sanctions circumvention techniques, and take any appropriate action in complying with their sanctions compliance requirements.