Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Top 5 moments from Charlie Kirk’s memorial service...
Trump set to approve TikTok deal ensuring majority-American...
Harris is speaking. This time, she isn’t bending...
Hamas letter to Trump asks for 60-day ceasefire...
Trump must make UN funding conditional on real...
Democrats skip Charlie Kirk Arizona memorial after 58...
‘Due to overhelming support:’ Turning Point USA says...
Thune slams Democrats’ ‘cold-blooded partisan’ tactics as funding...
Macron stakes anti-Trump global role with Gaza initiative...
Trump assassination attempt suspect Ryan Routh questions first...
  • 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

Coniagas Battery Metals Completes Private Placement

October 1, 2024

Silver Crown Royalties Announces Non-Brokered Private Placement

May 20, 2025

Top 3 Canadian Rare Earths Stocks

July 26, 2024

Company Update – Name Change to ‘American Uranium...

July 14, 2025

Altech Batteries LtdCERENERGY Battery Project Funding Update

November 22, 2024

Appendix 4D and Half Yearly Accounts

February 27, 2025

Liberty Gold to Spin Out Antimony Project, Establish...

February 17, 2025

RUA GOLD Expands High-Grade Intercepts at Depth at...

April 16, 2025

Awalé Provides Progress Update for Odienné Project

February 27, 2025

A$20 Million Placement to Strategic Partner

June 20, 2025

Recent Posts

  • Top 5 moments from Charlie Kirk’s memorial service in Arizona
  • Trump set to approve TikTok deal ensuring majority-American investor control: White House
  • Harris is speaking. This time, she isn’t bending to Biden’s bullies
  • Hamas letter to Trump asks for 60-day ceasefire deal to release half of hostages, sources say
  • Trump must make UN funding conditional on real reforms, ex-diplomat urges

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


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

    Categories

    • Business (927)
    • Investing (3,032)
    • Politics (3,709)
    • Stock (4)
    • About us
    • Contact 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 © 2025 Sightful Invest. All Rights Reserved.