American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
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

0
FacebookTwitterGoogle +Pinterest
previous post
10 Biggest Cannabis Stocks in the US and Canada in 2024
next post
Britain is hoping its riots have peaked. But the far right is lingering, and more trouble could lie ahead

Related Posts

Nio stock analysis: is this Tesla rival a...

April 24, 2025

Endeavour on Track to Meet Gold Guidance, Expects...

August 3, 2024

IAG share price forecast as transatlantic demand starts...

June 2, 2025

Crypto market crash: is the Bitcoin and altcoin...

June 18, 2025

BTC and XRP bull run starts, boosting the...

May 24, 2025

Bold Ventures Completes Electromagnetic Conductor Modelling at Farwell...

April 30, 2024

HYPE price prediction as Hyperliquid token aims to...

April 12, 2025

Gold and Silver Prices Gain as Fed Holds...

August 1, 2024

Solana price prediction: here’s why SOL token will...

November 23, 2024

WOA Proprietary Technology Successfully Adapted to Produce Pea...

July 10, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Latest News

    • FBI raid on John Bolton’s home in Washington linked to classified documents

      August 25, 2025
    • Argentine senate deals blow to Milei’s austerity agenda with university budget boost

      August 25, 2025
    • Jackson Hole Symposium: what Powell said about economic effects of Trump’s tariffs

      August 25, 2025
    • At Jackson Hole, Fed Chair Powell signals possible cuts while warning of uncertainty

      August 25, 2025
    • Trump threatens to fire Fed Governor Lisa Cook amid mortgage fraud allegations

      August 25, 2025

    Categories

    • Business (3,763)
    • Investing (2,783)
    • Latest News (2,048)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.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 americaninvesthub.com | All Rights Reserved