The Bank of Nova Scotia, A.K.A. Scotiabank, is offloading its gold business in the wake of a massive money laundering scandal involving smuggled gold from South America by one of its clients spread out.
The Canadian lender’s ScotiaMocatta business is one of London's main gold trading banks and, according to Financial Times, had among its clients a US refinery accused in March of money laundering scheme using “billions of dollars of criminally derived gold” mostly from Peru.
More to come…
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