UAE suspends Emirates Gold over money laundering allegations 

UAE suspends Emirates Gold over money laundering allegations 

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. 

Two of the ultimate beneficial owners of Emirates Gold are relatives of Zimbabwean businessmen Simon Rudland and Howard Baker, according to Bloomberg sources familiar with the UAE decision. 

A documentary by Al Jazeera from early 2023 alleged that the businessmen were involved in money laundering through the UAE’s gold sector, but it did not specify Emirates Gold as being connected.  Rudland denied any involvement with money laundering in response to the documentary. 

Emirates Gold, which has operated in the UAE for more than 30 years, is a popular name in the UAE gold industry. Its suspension comes amid increased government action against money laundering due to international pressure. 

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