Call for ‘cash for gold’ industry regulation

There are concerns the ‘cash for gold’ industry is being used for laundering stolen goods, according to a city councillor who has called for more stringent regulations.

Fianna Fáil’s Ollie Crowe said the cash for gold industry needs to be more tightly regulated, which might help in the fight against burglaries in Galway.

He said he had spoken with a number of constituents in Bohermore and Westside who have recently had their homes burgled and that it was a genuine concern that stolen goods could be traded so easily in such stores.

Cllr Crowe said the recent rise in burglaries, allied to anecdotal evidence suggesting burglars are placing a particular emphasis on jewellery, gave the public due cause for concern.

Cllr Crowe said: “The 15% increase in burglaries which occurred in the first half of 2012 in Galway is being mirrored nationwide and all steps should be taken to ensure it is difficult as possible for criminals to launder the proceeds of theft. Viewed in this regard, the lack of regulation for these cash for gold businesses cannot continue.”

He said most of the businesses are running “perfectly legitimate operations” but stringent regulation is needed to ensure “they are not being utilised by criminals to launder stolen goods”.