Reports from economic analysis or government reports on Zimbabwe's gold trade

US, UK Target Zimbabwe-Based Gold Smuggling Network, Sanction Kamlesh Pattni

Dec 9, 2024, 02:58 PM

The United Kingdom and the United States have imposed sanctions on individuals and entities involved in a global gold smuggling network, targeting illicit trade practices that finance corruption and support Russia's war efforts in Ukraine. The UK has frozen the assets of four individuals, including Kenyan businessman Kamlesh Pattni, accused of smuggling gold from Zimbabwe. The US Treasury has also sanctioned Pattni and 27 other individuals and businesses for their roles in this network, which is based in Zimbabwe and involves money laundering, inflating export revenue, and bribing officials. These actions aim to disrupt and deter the trade in illicit gold, which undermines development and fuels Putin's war machine.