EXCLUSIVE UAE to audit all gold refineries in crackdown on illicit trade | Reuters
The United Arab Emirates will require all gold refineries to undergo annual audits to ensure their suppliers are responsible, it told Reuters, in an effort to combat illicit trading.
Industry figures said this should raise standards in the UAE, one of the world's biggest bullion trade hubs, but may also shift flows of gold linked to crime or human rights abuses to other countries, for example in Africa, where the number of gold refineries is growing rapidly.
A Reuters investigation in 2019 found that UAE took in gold worth billions of dollars smuggled from Africa, some of it mined in grim and polluting conditions and countries in conflict.
Organisations including the Financial Action Task Force (FATF), an intergovernmental anti-money laundering monitor, are pressing the country to tighten rules and enforcement. UAE has said doing so is a national priority.
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