It has its own Act of Parliament, the Gold Corporation Act, and is fully owned by the West Australian government.Īcross the road from the Mint, Peter Teckenoff has been selling gold for the last 28 years. The Perth Mint is the world's largest processor of newly mined gold, refining more than 234 tonnes last year. It's an insurance policy against trouble, and there's quite a bit of trouble out there in the world.ĪNGUS GRIGG, REPORTER: But there's a bigger side to this business. (to gold buyer) So you think gold's a good investment? Plus, they're underwritten by the government, the state government pretty much own the Mint, so.ĪNGUS GRIGG, REPORTER: Others are here to buy.ĪNGUS GRIGG, REPORTER: This man tells us he has just spent $87,000 on a single gold bar. MAN: Well, they're renowned worldwide so you can sell their gold overseas. 99.9% gold.ĪNGUS GRIGG: So do you think the Perth Mint has a good reputation for quality? It's been marked by the Perth Mint, you can see it there. So there you go, there's 10 ounces there.ĪNGUS GRIGG, REPORTER: That's 27 thousand dollars in the palm of his hand. GOLD BUG #1: I've just come to cash some in because the price is the right price. TOURIST #3: We believe some golden coins bring lucky for us the whole year (laughs).ĪNGUS GRIGG, REPORTER (to child): And what do you want to see?ĬHILD: I also want to see how they make the coins.ĪNGUS GRIGG, REPORTER: And then there are the gold bugs, the true believers. TOURIST #2: It's got the biggest coin in the world, doesn't it? TOURIST #1: It's one of those things you have to see when you come to Perth. IAN VERRENDER, BUSINESS REPORTER: There's been a resurgence of interest in gold and prices have been on the rise…ĭAVID CHAU, ABC NEWS REPORTER: The price of gold right now at about 1920 US dollars an ounce…ĪNGUS GRIGG, REPORTER: Each morning when the gates open at the Perth Mint, the procession begins. In this episode of Four Corners, we bring you the extraordinary story of the Perth Mint, its links with money laundering and organised crime, and what may be one of the biggest gold scandals in Australian history.ĭAVID CHAU, ABC NEWS REPORTER: Gold prices have hit an eight-month high… ![]() SERENA LILLYWHITE, TRANSPARENCY AND ACCOUNTABILITY ADVISER: I think it can be described as a cover up.ĪNGUS GRIGG, REPORTER (to camera): For more than 120 years this building has stood as a pillar of the gold industry in Western Australia, but behind these walls is an institution in turmoil. MARK MCGOWAN, PREMIER OF WESTERN AUSTRALIA: I don't know what you're referring to…ĪNGUS GRIGG, REPORTER: …taking risks that could now cost taxpayers billions of dollars. For the last 16 months it's been keeping a dirty secret… JOHN CHEVIS, FORMER AFP FINANCIAL CRIME INVESTIGATOR: You've potentially got terrorist organisations, drug cartels, despots from around the world, kleptocrats from around the world, holding gold in the Perth Mint.ĪNGUS GRIGG, REPORTER: Our investigation also reveals the Perth Mint's reputation for producing high quality gold is under threat. Okay… And you bought that from the Perth Mint shop? (on phone) So it's a 10-ounce bar worth about $27,000. We've uncovered serious holes in the Perth Mint's defences, leaving the door open to Russian oligarchs and violent criminals. ![]() That looks like a pretty clear breach, right? (on phone) So, they're admitting here they've actually done no screening at all. ![]() You're talking about a huge amount of money that's moving around all over the world.ĪNGUS GRIGG, REPORTER: Last year alone this government-owned corporation sold $20 billion worth of gold to the world. ![]() NATHAN LYNCH, FINANCIAL INTELLIGENCE MANAGER, THOMSON REUTERS: Perth Mint, it's a big international business. PETER TECKENOFF, GOLD DEALER: Where there's silver and gold, there's going to be some sort of criminal activity.ĪNGUS GRIGG, REPORTER: In the heart of Perth sits one of the world's largest gold refiners. It's very difficult to trace to its point of origin.ĪNGUS GRIGG, REPORTER: Dealing in gold can be a high-risk game. MOYARA RUEHSEN, CERTIFIED ANTI-MONEY LAUNDERING SPECIALIST: Gold is a money launderer's dream because you can melt it, you can move it. NATHAN LYNCH, FINANCIAL INTELLIGENCE MANAGER, THOMSON REUTERS: Organised crime loves gold, because it doesn't leave a trace.
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