Finnish police report rise in suspicious gold trade activity

Finnish authorities have seen an increase in reports of suspicious activity in the gold trade, with criminal networks potentially using the precious metal for money laundering, national broadcaster Yle reports.

According to the National Bureau of Investigation (KRP), the number of reports flagging questionable transactions in gold trading has grown in recent months. Investigators estimate that suspicious deals could involve sums worth millions of euros.

Mikko Värri, a criminal inspector at KRP’s money laundering investigation unit, told Yle that while gold trading itself is not under suspicion, the sector carries an elevated risk of financial crime. “Gold is one of the key tools for laundering illicit funds, as it allows criminals to obscure the origin of money obtained through crime,” he explained.

Recent reports have highlighted unusual financial flows—both domestically and across borders—as well as unclear corporate structures in some gold-trading businesses. Authorities are also examining whether companies are complying with tax obligations and operating licenses in different countries.

Payments linked to suspicious gold transactions often involve transfers within the EU and EEA, as well as transactions directed to the United Arab Emirates. Physical transport of gold between countries is another red flag, as criminals seek to move illicitly obtained bullion across borders.

Värri declined to name specific companies under scrutiny but noted that individual traders are unlikely to handle the large sums typically involved in organized money laundering. Instead, criminal networks favor gold for its portability and value retention.

The KRP advises the public to exercise caution when selling gold, recommending that sellers compare prices, verify buyers, and avoid rushed transactions—especially if offered large amounts of cash under questionable circumstances. “If someone offers a suspiciously high pile of cash for gold, alarm bells should ring,” Värri warned.

The surge in gold sales comes amid record-high prices, with a recent survey by Suomen Kultareservi indicating that nearly one in five Finns has sold gold in the past year.