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Gold bars fraudulently stamped with the logos of significant refineries have found its way into the global market for the intended purpose to launder smuggled or illegal gold. The fake bars are hard to detect, making them an ideal fund-runner for narcotics dealers and warlords.
For the last three years, bars worth at least $50 million have been identified to have deceitfully stamped with Swiss refinery logos have been identified by all of Switzerland’s leading gold refiners and found in vaults of one of the major banks, JPMorgan Chase & Co., at the heart of the market in bullion.
The executives from the refiners said that at least 1,000 of the kilobars had been found. That is a small share of output from the gold industry, which produces roughly 2 to 2.5 million such bars every year. However, the forgeries are sophisticated, and as a result, thousands more may have gone past undetected, according to the head of Switzerland’s biggest refinery.
“The latest fake bars… are highly professionally done,” said Michael Mesaric, chief executive of the refinery Valcambi. He said that the likelihood is that there are “way, way, way more still in circulation. And it still exists, and it still works.”
Fake gold bars are commonly detected easily as most of them are blocks of metal plated with gold. The counterfeits, in this case, however, are subtler. The bars are real gold with high purity and only the markings being faked. Fake-branded bars are a relatively new way to mock global measures to block conflict minerals and prevent money-laundering. These types of forgeries pose a problem for international refiners, financiers, and regulators as they attempt to purge the markets of illicit trade in bullion.
High gold prices have sparked an outbreak in informal and illegal mining since the mid-2000s. But without the stamp of a prestigious refinery, the gold would be forced into underground networks or sold at a discount. By pirating Swiss or other major brands, gold that has been mined and processed in illegal or unacceptable areas - like Venezuela, and Noth Korea – can be injected into the market, channeling funds to criminals or regimes that are sanctioned.
While it is still not clear who is making the bars, executives and bankers suspect that they are most likely originating from China, the world’s largest gold producer, and importer, and may have entered the market through dealers and trading houses in Hong Kong, Japan, and Thailand. Once a mainstream dealer has accepted the counterfeit gold, they can quickly spread into supply chains around the world.
The Shanghai Gold Exchange, a primary regulator of China’s gold market, said in a statement that it was not aware of fake bars being made in or transported through China.
Fake bars are often returned from storages or traders back to refiners concerned, some of whom have operations in Asia. Bars returned to Switzerland’s refiners are reported to Swiss authorities who have them impounded.
Swiss Customs stated that 655 counterfeit bars were reported between 2017 and 2018 to local prosecutors in Ticino, a region near Italy that houses three of Switzerland’s four large refineries. The public prosecutor in Ticino confirmed it had received three reports of gold bars with suspicious serial numbers but could not disclose any more details.
Meanwhile, refinery executives said forged bars had also been reported in other countries.
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