Swiss authorities uncover huge gold smuggling operation
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Swiss authorities uncover huge gold smuggling operation
Swiss customs officers have uncovered a multi-million-franc gold smuggling operation between Italy and Switzerland. A 65-year-old Italian man is accused of smuggling and selling the precious metal in the Alpine country.
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The Federal Office of Customs and Border Security, in collaboration with the German, Italian and Liechtenstein authorities, successfully dismantled the smuggling organisation, the office wrote on Thursday. Around CHF25 million in royalties were diverted from the Swiss government’s coffers, it said.
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The gold was purchased in Italy, circumventing Italian regulations on the trade in precious metals and tax provisions. With the help of accomplices, the defendant organised the import and sale of approximately seven tonnes of gold, in the form of sheets, ingots, jewellery and coins.
Between 2016 and 2021, the gold was illegally imported into Switzerland, hidden on board vehicles, for example in the dashboard, fuel tank or seat. It was then resold in Switzerland.
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The Swiss office has filed a legal complaint with the Ticino cantonal criminal court against a 65-year-old Italian man who led the operation. He is charged with aggravated fraud in the area of contributions, aggravated tax evasion (VAT), aggravated customs offences and non-compliance with the law on the control of precious metals.
In the indictment, the office proposed a suspended sentence of three years and a fine of at least CHF500,000 francs. A ban on entering Switzerland for at least ten years was also requested. The presumption of innocence prevails until a final judgment is handed down.
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Translated from French by DeepL/sb
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