Emirates Gold DMCC, a precious metals refinery based in Dubai, has suspended its national gold accreditation and membership of a London gold body, according to a report by Bloomberg.
Last week, the UAE Good Delivery accreditation of the company was removed, as stated on a government website.
Moreover, its affiliate membership with the London Bullion Market Association was suspended on Friday, according to a spokesperson for the association.
The decision to suspend Emirates Gold’s accreditation was reportedly made by the Emirates Gold Bullion Committee, chaired by the UAE Ministry of Economy, in response to concerns that the refinery’s owners had connections to individuals involved in money laundering.
While the committee refrained from commenting on specific cases, it emphasised the expectation for accredited members to adhere to the highest international standards.
In response to the allegations, a spokesperson for Emirates Gold stressed on the company’s commitment to responsible sourcing and anti-money laundering practices, highlighting its long history of compliance audits.
The spokesperson maintained that any matters related to the authorities would remain private.
According to sources familiar with the UAE’s decision, two of the ultimate beneficial owners of Emirates Gold are relatives of Zimbabwean businessmen Simon Rudland and Howard Baker.
UAE strengthens its efforts against money laundering
The suspension of Emirates Gold’s accreditation comes amidst the UAE’s efforts to combat illegal practices in the gold sector and restore its financial reputation.
The nation has been implementing stringent laws to address money laundering, imposing substantial fines on non-compliant firms.
The UAE’s Good Delivery list serves as a standard for top refineries, requiring annual audits to ensure compliance with anti-money laundering and responsible sourcing laws.
Emirates Gold, which was acquired by a consortium including relatives of Rudland and Baker after the death of its founder Mohamad Shakarchi in 2021, held a prestigious position as one of the three UAE-based refineries with national Good Delivery accreditation.
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