Civil society policy recommendations on illicit gold

Gold is no longer simply a financial asset or commodity. It has become a strategic vehicle for organised crime, sanctions evasion, corruption, and political control. Its high value and ease of movement make it ideal for laundering billions through the global financial system.

But the damage goes far beyond illicit finance. Illicit gold is linked to environmental destruction, human rights abuses, and conflict all around the world.

As the world’s largest centre for over-the-counter gold trading, with roughly $89 billion traded per day, London has a critical role to play in tackling illicit gold flows.

The Illicit Finance Summit on 23-24 June 2026 is a key opportunity to turn that responsibility into global leadership and concrete action. Hosted by the UK government, the Summit aims to bring together governments, civil society and the private sector to accelerate the fight against corruption and to tackle the flows of dirty money around the world. Illicit gold is one of three key themes for the Summit.

Ahead of the Summit, we helped coordinate a broad coalition of 34 organisations to develop joint recommendations for tackling illicit gold. Our position paper sets out a series of UK-specific reforms that would strengthen domestic credibility on gold and establish a solid foundation for UK leadership. It also lays out reforms needed at a global level that should be urgently addressed at the Summit.

This document sets out a series of UK-specific reforms that would strengthen domestic credibility on these issues and establish a solid foundation for UK leadership. It also lays out reforms needed at a global level that should be urgently addressed at the Summit.

To tackle illicit gold, governments must:
– Make trading in illegally mined gold a crime – and treat it as money laundering
– Crack down on gold smuggling with stronger border controls
– Ensure transparency over who owns gold companies
– Equip the financial sector to identify and manage illicit finance risks
– Strengthen international cooperation and intelligence-sharing
– Address root causes of illicit gold mining through global, binding partnerships

For the recommendations to be effective, the Summit commitments require inclusive approaches, clearly defined deliverables (including incorporation into national regulations) and set timelines, as well as robust follow-up mechanisms rather than relying on broad statements.

It is therefore crucial that the Summit is not a one-off moment but the start of a longer-term agenda, with the UK embedding follow-through mechanisms through its upcoming presidencies of the Financial Action Task Force and the G20.