LONDON - The world’s most influential gold market authority is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, a letter seen by Reuters showed.
“Our goal is to work jointly with these key markets to advance global standards, not to disengage from them. However, we are also committed to act if there is not meaningful and effective improvement,” LBMA Chief Executive Ruth Crowell told Reuters when asked about the letter. The LBMA is a trade group rather than a state agency but it holds sway over the market because the large international banks that dominate gold trading typically only deal with metal from refineries the association has accredited.The UAE is one of the world’s largest gold hubs and exports bullion worth billions of dollars to refiners accredited by the LBMA each year.
“The UAE recognizes the importance of its bullion industry and of developing increasingly robust mechanisms to address the challenges brought about by financial crime,” it said. The letter states the LBMA’s strategic goals are to ensure responsible sourcing of recycled gold, an end to cash transactions and support for artisanal and small-scale miners.
Joke😜 that countries will stop doing conflict purchases
'The letter is addressed to China, Hong Kong, India, Japan, Russia, Singapore, South Africa, Switzerland, Turkey, UAE, the United Kingdom and the United States' out of all these countries you put UAE as the only one in title.🤔
Good thing Donnie is trying to sell them $23BILLION in fighter jets.... grifter
Cash transactions are safe and without greedy banks commissions.And the source of the gold? Ask swiss banks about the source of their wealth.Not ethical at all .Hypocrisy.
The UAE is the biggest money-gold laundering country in the world
Another Western theft!
Jesus is the only way to get to heaven. It is he who covers our sins and pardens our souls
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