- The UAE is looking to clean up its growing gold market by cracking down on potential money laundering within the sector.
Friday, the London Bullion Market Association followed suit, suspending Emirates Gold from its own Good Delivery List."The suspension of the UAE Good Delivery accreditation is merely a temporary suspension and management are working with the Emirates Bullion Committee to resolve their concerns and have the accreditation reinstated,” the refinery said in a statement.
Some reports noted that UAEGD's move came after al-Jazeera published an investigative series in April that highlighted how gold is used to launder money through Dubai's market.
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