CSOs call for stronger global action on illicit gold trade ahead of UK Summit

A coalition of 34 non-governmental organisations has called for sweeping reforms to tackle illicit gold trade and related financial crimes ahead of the UK Illicit Finance Summit scheduled for June 23–24, 2026, in London.

In a policy briefing, the groups highlighted significant gaps in existing certification schemes and industry-led responsible sourcing standards, warning that these weaknesses continue to enable environmental damage, human rights abuses, and criminal activity across gold supply chains.

The organisations are urging governments, particularly the United Kingdom, to lead efforts to establish legally enforceable international due diligence standards covering all aspects of the gold trade, including financial markets. They also advocate mandatory reporting and disclosure requirements for all gold transactions, including over-the-counter trades, to improve transparency in global trading hubs such as London.

The recommendations further call on central banks and government purchasing bodies to publicly disclose information on gold sourcing, stockpiles, and movements, while encouraging regulators to provide clearer guidance to financial institutions on risks linked to illicit gold.

Industry bodies and international bullion centres (IBCs) are also being urged to adopt a unified global responsible trading standard based on OECD guidelines. This would require full supply chain disclosures from refiners, traders, and financial institutions, as well as enhanced due diligence in cases involving credible allegations of human rights abuses or environmental harm.

The briefing highlights recycled and scrap gold as a major loophole often exploited to launder illicit gold into formal markets, calling for stricter monitoring, reporting, and intelligence-sharing mechanisms.

Financial institutions are being encouraged to strengthen anti-money laundering and counter-terrorism financing (AML/CFT) measures, conduct thorough risk assessments of clients involved in gold trading, and establish whistleblowing systems to report suspected illegal activities.

The groups also emphasised the need for stronger collaboration between producer countries and international partners. Proposed measures include improving gold traceability systems, enhancing customs cooperation, and ensuring that all gold exports are backed by valid mining permits and environmental compliance documentation.

At the international level, the organisations are advocating the creation of a public-private partnership to enhance intelligence sharing and enforcement, as well as the establishment of a dedicated global law enforcement task force to investigate illicit gold networks.

They further called for efforts to address emerging risks, including the use of cryptocurrencies in illegal gold trading, and warned against limiting policy responses to artisanal and small-scale mining, noting that large-scale mining operations can also be linked to corruption and environmental crimes.

The briefing also underscores the importance of inclusive approaches, urging governments to involve local communities, civil society groups, and human rights defenders in monitoring and decision-making processes. It recommends strengthening protections for whistleblowers and expanding legal safeguards against strategic lawsuits aimed at silencing activists.

The UK government is encouraged to build bilateral and multilateral partnerships with producer countries to address the root causes of illicit gold flows, including poverty in mining communities and governance gaps.

Proposed initiatives include the development of national traceability systems and a “National Wealth Traceability Standard” to track gold revenues from extraction to public investment.

The UK Illicit Finance Summit is expected to bring together governments, financial institutions, industry players, and civil society actors to advance global efforts to combat corruption and illicit financial flows. The organisations stress that outcomes from the summit must include clear commitments, timelines, and enforcement mechanisms to ensure meaningful progress.