UAE suspends Emirates Gold over money laundering allegations
The London Bullion Market Association, which regulates the United Kingdom capital’s metals market, suspended Emirates Gold DMCC’s affiliate membership after conducting a review.
DUBAI — The United Arab Emirates suspended the license of a major gold refinery in the country over suspected money laundering ties.
Emirates Gold DMCC was suspended on July 7 from the UAE’s Good Delivery List, according to the government entity’s website.
The Bullion Committee, which is chaired by the Ministry of Economy, removed the refinery due to concerns that its owners were connected to alleged money launderers, reported Bloomberg, citing its experts.
On Friday, the London Bullion Market Association, which regulates the United Kingdom capital’s metals market, suspended Emirates Gold DMCC’s affiliate membership after conducting a review.
