UK Gangs Increasingly Using Gold for Money Laundering

UK Gangs Turning to Gold as Preferred Money-Laundering Asset

Organized criminal groups in the United Kingdom are increasingly using gold coins, bars, and grain to hide drug proceeds, according to new reports. The precious metals offer criminals advantages over traditional methods including cash and cryptocurrency.

Gold’s Criminal Appeal

UK gangs are using gold coins, bars, and grain to hide drug profits, citing its portability, value, and lack of traceability. Legal consultant Gary Carroll explained that criminals appreciate gold’s advantages: “Gold lets criminals reduce £10,000 of drug money into an object they can fit in the palm of their hand,” he said. “The other benefit is gold tends to appreciate in value.”

Recent Cases

According to The Daily Mail, several recent cases demonstrate gold’s rising appeal among British criminals:

• In 2024, police discovered $32,425 worth of solid gold coins hidden by an Essex drug dealer
• A 2022 Birmingham gang converted $135,100 of profits into gold bars
• Earlier this year, multiple gang members in Bradford laundered nearly $359.4 million by buying gold grain, which is easier to conceal than bullion

Expert Analysis

However, experts note that hard data on rising criminal use is scarce or anecdotal at best. While gold’s opacity makes it harder to track compared to cryptocurrencies, its bulkiness and risk of seizure present significant challenges.

“But it’s hard to quantify, because gold doesn’t move on a blockchain,” Ari Redbord from TRM Labs explained. “The very reason criminals use it is because it’s opaque.”

Redbord added that gold has long been a preferred tool for money laundering due to its portability, value and untraceability. However, compared to crypto, gold is physically heavy and “risky—you can lose it, or it can be seized,” he noted.

Comparing Gold and Crypto

While gold has advantages over traceable digital currencies, cryptocurrency still holds appeal for criminals due to its speed and cross-border capabilities. However, law enforcement has developed methods to track cryptocurrency transactions, making gold laundering more challenging to detect.

“At TRM, we help law enforcement agencies around the world track those flows, recover stolen funds, and dismantle networks,” said Redbord. “That’s a lot harder to do with gold.”

Bigger Context

The trend reflects a broader shift in criminal preferences as the UK moves toward a cashless society. However, despite anecdotal evidence, comprehensive data on gold’s increasing use among criminals is lacking.

While gold continues to be utilized in money laundering, cryptocurrency remains a significant concern with recent reports indicating illicit addresses received as much as $51.3 billion in crypto last year, highlighting the ongoing challenge for law enforcement agencies.