Seizures of Gold in Florida
The number of seizures involving gold and other precious metals has increased dramatically. In fact, a recent statement from U.S. Senator Marco Rubio (R-FL) discussed the Miami Herald’s expose on how drug dealers and other criminals are increasingly using Latin American gold to launder their dirty money.
Instead of carrying large sums of U.S. currency that is easy to detect, more seizures are occurring when a traveler has gold jewelry, gold coins or bars, or other precious metals. Using precious metals makes it nearly impossible to trace the source of the assets.
The problem is that federal agents often seize silver, gold, or platinum without having sufficient information to suspect drug dealing or money laundering. Innocent people, honest investors, and savers are caught up in the wide net being cast.
Sometimes innocent people are subjected to a process in which federal agents seize their property for forfeiture. That property can include rings, necklaces, bracelets, or other jewelry. The property might be removed from a vehicle, purse, luggage, or the person’s pockets.
In Florida, such seizures are becoming more common at airports for both domestic or international flights.
Attorney for Asset Forfeiture of Gold Cases in Florida
If your cash or other property was seized by federal agents then contact an experienced criminal defense attorney. These cases involve an anti-money laundering law, known as the Bank Secrecy Act.
The Bank Secrecy Act was intended to prevent money laundering, but often ensnarls innocent people who happen to be carrying cash, jewelry, precious metals, or other property.
Contact us to find out how the Bank Secrecy Act requires passengers at the airport traveling on international flights to declare possessing more than $10,000 in cash to report it to customs officials.
If the passenger files to disclose the precise amount of currency being carried, the federal authorities can then seize the money. Now federal agents are focusing more on gold and other precious metals.
If your property was seized for forfeiture by federal agents with Customs and Border Patrol or other agencies, contact an experienced federal forfeiture attorney in Tampa, FL, at Sammis Law Firm.
Statement on Gold Used for Drug Trafficking
While complaining that the gold is ending up in the U.S. markets, Senator Marco Rubio’s issued the following statement on January 16, 2018:
“Trade in gold from Latin America, which is largely destined for U.S. consumers, is becoming the preferred way for drug cartels, terrorists and bad regimes to launder their dirty money.
The U.S. Department of Justice’s prosecution of illicit gold traders Juan Granda, Samer Barrage and Renato Rodriguez, who pleaded guilty to money laundering involving dirty Latin American gold, is the tip of the iceberg, and should put all bad actors on notice.
I will continue to follow this issue closely, and urge the Executive Branch to investigate the practices and circumstances leading to the mining and transportation of these precious metals for the purposes of money laundering.”
This article was last updated on Friday, February 7, 2020.