United States Government and Cooperating U.S. Gold Refinery Enter an Agreement After Money Laundering Investigation
Miami-based, gold refinery Republic Metals Corporation (“RMC”) executed a non-prosecution agreement with the United States Attorney’s Office for the Southern District of Florida (the “Office”) after cooperating in an investigation focusing on money laundering and violations of the Bank Secrecy Act in the gold importation and refining industry. Under the terms of the agreement, RMC agreed to continue cooperating in the ongoing investigation, as well as to make improvements in its anti-money laundering and compliance programs.
Ariana Fajardo Orshan, United States Attorney, U.S. Attorney’s Office for the Southern District of Florida, George L. Piro, Special Agent in Charge, Federal Bureau of Investigations (FBI), Miami Field Office, Anthony Salisbury, Special Agent in Charge, U.S. Immigration and Customs Enforcement’s Homeland Security Investigations (ICE-HSI), Miami Field Office, Carlos L. Mitchem, Regional Director, Drug Enforcement Administration (DEA-Peru), Southern Cone Region, and Adolphus P. Wright, Special Agent in Charge, Drug Enforcement Administration (DEA-Miami), Homestead Field Office, made the announcement.
RMC is the second U.S. gold refinery that has been implicated in the Office’s investigation into the gold importation and refining industry. Previously, Elemetal LLC, doing business as “Elemetal” and “NTR Metals,” pled guilty to a single-count information for failure to maintain an adequate anti-money laundering program under the Bank Secrecy Act (BSA). (U.S. v. Elemetal LLC, Case No. 18-cr-20173). The investigation into the gold importation and refining industry remains ongoing.
U.S. Attorney Ariana Fajardo Orshan stated, “We commend Republic Metals Corporation for cooperating in this investigation and agreeing to strengthen their anti-money laundering and compliance program after deficiencies had been discovered. This Office’s investigation into the gold importation and refining industry will continue and the resolution with Republic Metals Corporation, as well as the guilty plea of NTR, should place others on notice that there are benefits to cooperating and there are grave consequences for those who engage in money laundering or fail in their legal requirement to prevent it.”
These cases are the result of the ongoing efforts by the Organized Crime Drug Enforcement Task Force (OCDETF) “Operation Arch Stanton”, a partnership between federal, state and local law enforcement agencies. The OCDETF mission is to identify, investigate, and prosecute high level members of drug trafficking enterprises, bringing together the combined expertise and unique abilities of federal, state and local law enforcement.
U.S. Attorney Fajardo Orshan commended the investigative efforts of FBI, ICE-HSI, IRS-CI, and DEA-Peru and DEA-Homestead. This case is being prosecuted by International Narcotics and Money Laundering Section Assistant U.S. Attorneys Walter M. Norkin and Brian Shack. Southern District of Florida Assistant U.S. Attorney Adrienne Rosen is handling the asset forfeiture aspects of this matter.