In October 2025, the AGA’s Financial Integrity initiative had a strong presence at the Gold Conference, organized by the United Kingdom His Majesty Revenue and Customs (HMRC), in partnership with the Foreign, Commonwealth and Development Office (FCDO). AGA Project Manager Katherin Alfonso, one of three people from Latin America that participated, was invited to speak on the panel “Nexus of gold and alternative finance – Change Data Capture, Crypto, Informal Value Transfer Systems, Tokenising Gold.” AGA experts also contributed to several sessions directly aligned with the Financial Integrity Initiative, including: “ASGM: how it feeds illicit markets and why it doesn’t have to” (Brad Brooks-Rubin); “What are the risks posed to the financial sector re illicit gold?” (Julia Yansura); “State actors, non-state actors, and the pursuit of gold as a strategic asset” (David Soud, Brad Brooks-Rubin) and “Case Study: A transnational gold-based money laundering network in one South American country” (David Soud).

“It was an honor to contribute as a speaker during the Illicit Finance Day, discussing the nexus between gold and alternative finance, especially my analysis on virtual assets and their specific role in creating pressures on gold from Latin America”, notes Alfonso. “These dynamics are particularly visible in vulnerable ecosystems like the Amazon and place significant strain on global supply chains.”

A key takeaway was the power of collaboration between countries, agencies, international cooperation, and civil society. As Alfonso relays, “It was also really inspiring to see members of the AGA united in proposing concrete actions to enhance financial integrity. Our discussions highlighted systemic ways to combat Trade-Based Money Laundering (TBML) and Gold-Based Money Laundering (GBML), emphasizing the need to improve gold traceability and identify financial crime risks at their source.”

Several critical themes emerged that demand further action, among them:

• “Recycled gold” is a major blind spot, but often misclassified as low-risk. It remains a preferred method for smuggling illicit mined gold, complicating prosecution and obscuring the true origin from a demand-side perspective. Something that we definitely need to look at in detail for the Amazon Region through the AGA work.
• Misdeclaration is rampant. From abusing Harmonized System (HS) codes to falsifying customs documents, criminals continuously exploit weak regulatory oversight at trade and borders. Among the most significant enabling mechanisms for illicit gold, TBML, and GBML remain some of the least addressed, yet they are crucial for understanding criminal networks, beneficial owners, and illicit financial flows.
• The digital-physical convergence: In Alfonso’s recent experience in the region, the illicit proceeds from gold are increasingly laundered through a cycle of placement into crypto, layering across wallets, and integration back into the economy via shell companies and real estate. While gold-backed stablecoins present new risks, they also offer a future opportunity to embed stronger AML/CFT standards and responsible sourcing practices.
• As the UK has the vice presidency of the Financial Action Task Force (FATF), it has a critical opportunity to elevate gold-based money laundering as a global priority. Strengthening international awareness, enhancing cross-border cooperation, and integrating gold-related red flags into AML/CFT frameworks are essential steps to address the growing use of gold as a value-transfer mechanism in criminal economies. For that reason, the participants encouraged the UK to lead the conversation and advocate for more robust recommendations and gold-focused risk assessment analysis updates.

The challenge now is to convert this dialogue into decisive action—forging stronger international partnerships, advocating for robust public policy, and advancing the key priorities for us at the Amazon Gold Alliance and for the UK government ahead of the 2026 Illicit Finance Summit.

From left to right: Lynn Schlingemann, World Resources Institute; Sasha Lezhnev, The Sentry; Jennifer Scotland, RUSI; Erich Lima, Brazilian Federal Police; Katherin Alfonso, AGA; David Soud, I.R. Consilium; Julia Yansura, FACT; Maria Franco Chuaire, Moore Foundation