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UAE suspends gold refiner on owners' alleged laundering link
By Eddie Spence
Bloomberg News
Friday, July 14, 2023
The United Arab Emirates suspended the accreditation of one of its biggest gold refineries over concerns that its owners had ties to alleged money launderers.
Emirates Gold DMCC -- which has operated in Dubai for more than 30 years -- was last week suspended from the UAE's Good Delivery List, according to a government website.
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The Emirates Gold Bullion Committee, which is chaired by the Economy Ministry, removed the refinery due to concerns its owners were connected to alleged money launderers, according to people familiar with the thinking behind the decision. An official from the committee said in a statement it could not comment on specific cases but expected accredited members to apply the highest international standards.
The London Bullion Market Association, which regulates the UK capital's precious metals market, followed suit today and suspended the refinery's affiliate membership after a due diligence review. It said it "takes very seriously any breaches of the rules," without giving details. ...
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