MALI is creating a specialised task force with judicial powers to oversee gold mining and quarrying operations across the country, said Bloomberg News on Thursday.
The Brigade spéciale des mines will conduct inspections and enforcement actions to combat illegal mining and reduce its environmental and social consequences, said the newswire citing minutes from a cabinet meeting on Wednesday.
Despite tighter regulations and enforcement measures introduced since 2020, Mali’s mining sector continues to grapple with illegal extraction, clandestine gold panning, illicit mineral trafficking and the use of prohibited chemicals, posing ongoing environmental and security risks.
Illegal mining is estimated to generate at least $48bn annually in global criminal proceeds, connected to offences including money laundering, corruption, tax evasion, sanctions violations and terrorist financing, according to a report by Reuters earlier this week.
Many banks and investors were not screening for illegal mining risks despite operating in sectors vulnerable to illicit extraction, the newswire added.
Rising prices for copper, gold and silver, combined with growing demand for minerals used in electric vehicles and data centre infrastructure, are expanding opportunities for illicit extraction networks, said Reuters.
Illicitly sourced commodities such as gold and cobalt can be absorbed into legitimate markets, making the sector attractive to organised criminal groups seeking both revenue and a vehicle for laundering proceeds. Financial institutions may be exposed through trade finance, lending to mining companies, commodity trading and investment portfolios.
