Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Michelle Obama facing backlash over claim about women’s...
Hamas agrees to release 10 more hostages
ROBERT MAGINNIS: 9 signs Beijing’s Taiwan invasion may...
Iran condemns Austria over report on advanced nuclear...
Israel hostage deal in doubt as Hamas adds...
White House urges Iran to accept nuclear deal...
Trump warns Rand Paul he’s playing into ‘hands...
Senate Republicans eye changes to Trump’s megabill after...
Trump shares post saying Biden was executed, replaced...
House Dems’ campaign chair says her party’s ‘on...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

UAE Suspends 32 Gold Refineries in Anti-Money Laundering Initiative

by admin August 10, 2024
August 10, 2024
UAE Suspends 32 Gold Refineries in Anti-Money Laundering Initiative

The United Arab Emirates (UAE) announced the temporary suspension of operations at 32 gold refineries as part of a sweeping effort to combat money laundering and related financial crimes.

According to Bloomberg, the move comes amid increasing scrutiny of the the country’s gold sector, which has been linked to illicit activities, including smuggling of the yellow metal and unregulated gold flows.

The UAE is one of the world’s largest gold-trading hubs, with 7,000 traders of precious metals and stones.

The suspended refineries, which account for roughly 5 percent of the UAE’s gold sector, will be closed until October 24.

In recent years, the country’s financial system has faced growing international criticism for allegedly failing to enforce adequate safeguards against money laundering and the smuggling of conflict gold. Global organizations and UAE partner countries, such as Switzerland, want to see it address concerns about the origins of the gold traded within its borders.

According to the UAE’s Ministry of Economy, the suspended refineries were found to be in violation of anti-money laundering regulations. The 256 breaches identified include failures to properly vet customers, inadequate risk assessment procedures and neglecting to screen transactions against terrorism watchlists.

The crackdown also comes after a study published by SWISSAID in May showed that the UAE is the top destination for billions worth of gold smuggled out of Africa each year. In comments to Bloomberg, the country’s Ministry of Foreign Affairs said suspicious activity reports related to the gold sector reached 6,432 last year from 223 in 2021.

The UAE also may have been the destination for metal stolen in Canada’s largest gold heist.

In April 2023, 400 kilograms of gold valued at over US$20 million were stolen from Toronto’s Pearson International Airport. Investigations by Canadian authorities suggest that a significant portion of the stolen gold was smuggled overseas, potentially bound for UAE and India, although the suspended refineries have not specifically been implicated.

The UAE’s Ministry of Economy has stated that the suspensions are part of ongoing efforts to enhance regulatory oversight and align with international standards in the fight against financial crime.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
10 Biggest Cannabis Stocks in the US and Canada in 2024
next post
In one small town, critics and supporters alike ask who is Kamala Harris?

You may also like

Amazon Eyes Nuclear Energy Future with Two New...

October 18, 2024

Crypto Market Recap: Trump Seeks Blockchain Integration in...

March 21, 2025

Canadian Markets Steady Amid Trump Tariff Speculation and...

January 10, 2025

Awalé Update: Newmont to Exercise 10% Minority Interest...

October 15, 2024

RETRANSMISSION: Spearmint More Than Doubles the Acreage of...

December 16, 2024

Trudeau Resigns, Canadian and US Markets React

January 8, 2025

Grande Portage Resources Develops Conceptual Mining Plan

September 9, 2024

WGC: Gold Price Under Pressure as US Election...

November 14, 2024

Top 5 Canadian Mining Stocks This Week: Group...

May 11, 2025

Los Andes Copper Announces Expansion of Land Package

April 3, 2025

Recent Posts

  • Michelle Obama facing backlash over claim about women’s reproductive health
  • Hamas agrees to release 10 more hostages
  • ROBERT MAGINNIS: 9 signs Beijing’s Taiwan invasion may be imminent
  • Iran condemns Austria over report on advanced nuclear weapons program
  • Israel hostage deal in doubt as Hamas adds demands, US envoy calls terms ‘unacceptable’

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (752)
    • Investing (2,219)
    • Politics (2,748)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.