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United Arab Emirates suspends 32 gold refineries
By Rob Bates
Jewelers Circular Keystone, New York
Wednesday, August 7, 2024
The United Arab Emirates Ministry of Economy has suspended 32 local gold refineries for three months for not following anti–money laundering laws, it said in a statement issued Tuesday.
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Following an inspection, the ministry charged the refineries with a total of 256 violations, eight each. Among the alleged infractions: not taking proper measures to identify money laundering risks, not making required notifications of suspicious transactions to the Financial Information Unit, and not examining customer and transaction databases against names on terrorism watch lists.
The suspensions began on July 24 and will last until Oct. 24. The 32 refineries account for 5% of the country's gold sector, the ministry said. ...
... For the remainder of the report:
https://www.jckonline.com/editorial-article/uae-suspends-gold-refineries/
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