81. A Draft Convention on Illicit Trade in Precious Metals and Precious Gems
- Author:
- Jonas Hartelius
- Publication Date:
- 02-2009
- Content Type:
- Policy Brief
- Institution:
- EastWest Institute
- Abstract:
- Precious metals and gemstones have long been valued for their aesthetic properties and ability to retain (or increase) their value. Many precious metals today are also used in the manufacture of high technology commodities. Their high value makes precious metals and precious gems attractive to criminals. They have several functions in the criminal economy: They are attractive goods for theft and other forms of criminal acquisition, calling for special protection on the part of the owners and governments. They can be used for re-circulating stolen goods, including jewelry, antiques, and works of art, through fragmentation, smelting, and other forms of destruction or transformation. Such processes reduce or even destroy the commercial or cultural value of the material, but they also increase the difficulties for police and other authorities to trace the material and bring criminals to justice. They can be used for transporting and transferring valuables outside regular channels and thus finance war, civil conflicts, terrorism, and other forms of dangerous crime. They can be used to hide criminal assets and thus make recovery more difficult. They can be used for tax evasion through smuggling, hiding of assets, etc. The full extent or value of criminal activities with precious metals and precious gems has not been fully investigated. It can safely be assumed, however, that the criminal market in these goods is considerable.
- Topic:
- Globalization, International Law, International Trade and Finance, Treaties and Agreements, and United Nations
- Political Geography:
- United States