Core Insights - The illegal gold trade has become the largest and fastest-growing illegal economy in the Western Hemisphere, driven by soaring gold prices and organized crime [1][2] - In Colombia and Peru, illegal gold mining has reportedly generated more revenue for organized crime than the drug trade itself, highlighting the severity of the crisis [1] - The Financial Accountability and Corporate Transparency Coalition (FACT) is urging Congress to pass legislation to combat the environmental and social impacts of illegal gold mining [1] Summary by Sections Illegal Gold Trade Crisis - The illegal gold mining and smuggling surge in South America has evolved into a significant crisis that the U.S. can no longer ignore [1] - The report indicates that the lack of effective tools to address illegal gold trade in the U.S. has been exacerbated by policy shifts and personnel cuts under the Trump administration [2] Financial Implications - Over the past decade, gold prices have doubled, contributing to the surge in illegal gold trade as law enforcement remains focused on drug trafficking [2] - FACT emphasizes the need for the U.S. to increase enforcement and prosecution against transnational crime networks involved in illegal gold trade [2] Recommendations for Action - FACT calls for the implementation of targeted sanctions against illegal gold trade and the restoration of funding for international projects aimed at combating illegal mining [2] - The report suggests that the government should require the collection of basic information on actual business owners and enhance international information sharing [2]