Analysis of Vulnerabilities in Countering Money Laundering in the Precious Metals and Precious Stones Sector

The sector of precious metals and precious stones, according to the estimates of regulatory authorities, is associated with an increased risk of involvement in money laundering. In many money laundering schemes, criminal proceeds are integrated into jewelry, which is a highly liquid investment with guaranteed rising value and low risk of loss. The growing scale of jewelry turnover, the availability of metals to private investors in the form of bullion, and the release of digital assets related to precious metals are increasing interest in the sector from both law-abiding investors and criminals. The purpose of the study is to identify vulnerabilities in countering money laundering through the purchase of precious metals, stones and products made from them. The study was conducted on the basis of a sectoral and national assessment of the risks of laundering proceeds from crime, as well as the open information base of Rosfinmonitoring, the Federal Customs Service of the Russian Federation and the Federal Assay Chamber of the Russian Federation. General scientific research methods and methods of economic and statistical analysis were used. The analysis of the number and structure of sector participants supervised by the Federal Assay Chamber of the Russian Federation as of 2023–2024 was carried out. Attention is paid to the requirements imposed on them within the framework of anti-laundering legislation. The key legislative initiatives concerning changes in the regulatory regulation of prospecting activities and the transition to voluntary branding of precious products when they are exported from the Russian Federation to foreign countries are considered. As a result of the study, four key vulnerabilities in countering money laundering in the precious metals and stones sector were identified, and measures to neutralize them were briefly outlined.

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