Refinery Emirates Gold DMCC said it’s working to restore its accreditation in the United Arab Emirates following its suspension by authorities.
(Bloomberg) — Refinery Emirates Gold DMCC said it’s working to restore its accreditation in the United Arab Emirates following its suspension by authorities.
The precious metals refinery — which is among the biggest in the UAE — had its accreditation suspended by a government-chaired committee over concerns its owners had links to alleged money launders, Bloomberg reported on Friday.
Its affiliate membership of the London Bullion Market Association, which regulates the UK capital’s precious metals market, was also removed. The firm is working to have that restored as well.
The suspension of the “UAE Good Delivery accreditation is merely a temporary suspension,” the company said in a statement on its website. “Management are working with the Emirates Bullion Committee to resolve their concerns and have the accreditation reinstated.”
Emirates Gold said in the statement that its ultimate beneficial owners had “nothing to do” with allegations made in a documentary by Al Jazeera earlier this year and that they were “independent and separate” from any people mentioned in it.
“Emirates Gold is run by a professional management team who maintain the strictest anti-money laundering practices,” the company said. They “to the best of its knowledge and with the assurance of its strong compliance policies, procedures and implementation, have not been party to any money laundering activity.”
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