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(Kitco News) - A South American drug cartel has lost nearly $5 million in gold bullion after British authorities obtained a civil recovery order for more than 3,300 ounces of gold seized by border authorities at Heathrow Airport.
The bullion, shaped in bars, cylinders and hearts, was found by board authorities in June 2019 in the cargo section of a plane that had arrived at the Cayman Islands, the U.K.'s National Crime Agency said in a press release. The gold was being transported to Switzerland via Heathrow. Authorities were able to track the gold's origins to Venezuela.
"NCA officers worked closely with authorities in the Cayman Islands to prove a false paperwork trail had been created to hide the true origin of the gold as Venezuela, and that those involved in the organization and physical movement of the gold had links to organized crime,” the NCA said in a statement.
"This intervention has disrupted the criminal network, stopping them from reinvesting in further criminality that causes harm to our communities,” the NCA added.
The NCA said that it obtained a civil recovery order for more than 80% of the gold, under the Proceeds of Crime Act. The remaining 20% will be returned to companies with a financial interest in the gold.
Authorities note that gold has become an attractive currency for drug cartels and other criminals as prices continue to rise. Monday, gold prices briefly rose above $2,000, hitting the highest level since early- March 2022.
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Last month Israeli intelligence announced that they uncovered a gold smuggling operation between Iran and Venezuela that was funding Hezbollah terrorist activity.
The gold, described as dozens of kilograms, was smuggled on an Iranian Mahan Air Flight in May of last year.
The smuggling ring was uncovered during a joint effort between the National Bureau for Counter Terror Financing of Israel (NBCTF) and the Defense Ministry, along with the Israel Police and the Tax Authority.
