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.

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