Smart Trade Insights
  • Business
  • Economy
  • Investing
  • Politics
Top Posts
Chemical assay confirms high-grade uranium
How to Invest in Manganese Stocks
$14M Placement to Fund Acquisition & Exploration
Green Technology Metals
Laramide Identifies Targets for 15,000 Meter Drill Program...
Coinbase Expands USDC Rewards to Canada
NVIDIA Facing Weak Demand for New Chip as...
Newmont Withdraws from Mount Coolon Joint Venture, GBM...
LimeWire acquires Fyre Festival, asking ‘What Could Possibly...
Gold Market Dynamics Shifting as China-US Trade Tensions...
  • Business
  • Economy
  • Investing
  • Politics

Smart Trade Insights

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
Aether Global Innovations Corp. Announces Resignation of its Chief Financial Officer
next post
Harris hits Arizona on swing-state tour, while Trump rallies in Montana

You may also like

James Henry Anderson: US$3,600 Gold, US$40+ Silver —...

September 9, 2025

Prismo Metals Acquires Data and Updates Model for...

September 3, 2024

Amended – Auger Results Define New Drill-Ready Targets

February 14, 2025

Fintech Firm Velocity Raises US$10 Million for Enterprise...

May 29, 2025

Empire Metals Limited Announces Interim Results

September 5, 2025

How to Invest in Aluminum Stocks (Updated 2024)

November 15, 2024

Forward Water Technologies Corp. and Fraser Mackenzie Accelerator...

October 1, 2024

Agreement to Acquire Major Drill-Ready Antimony-Gold-Tungsten Project in...

June 11, 2025

Ioneer Closes US$996 Million American Government Loan for...

January 22, 2025

Significant Exploration Target for Golden Ridge, NE Tasmania

November 12, 2024

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Chemical assay confirms high-grade uranium

      September 17, 2025
    • How to Invest in Manganese Stocks

      September 17, 2025
    • $14M Placement to Fund Acquisition & Exploration

      September 17, 2025
    • Green Technology Metals

      September 17, 2025
    • Laramide Identifies Targets for 15,000 Meter Drill Program at Kazakhstan Uranium Project

      September 17, 2025
    Promotion Image

    banner ads

    Categories

    • Business (856)
    • Economy (829)
    • Investing (2,834)
    • Politics (737)
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: smarttradeinsights.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 smarttradeinsights.com | All Rights Reserved