Why Dubai’s first conflict gold audit never saw the light of day
Our correspondent Andreas Frank points out. Dubai has long had a reputation as a destination for African gold tainted by conflict and a hub for smuggling through the Middle East and Asia. A report by Global Witness provides a rare glimpse into how the city’s bustling gold trade works – and how local regulators and auditors allegedly tried to cover up at least one instance where supply-chain due diligence was lacking.
At the center of the report, based on documents handed to Global Witness by an Ernst & Young whistleblower, lies a gold refiner called Kaloti Jewellery Group. The company is run by the Jordanian Kaloti family, who have a refinery near Dubai and are building another capable of processing up to 2,000 tons of gold and silver a year, making it the largest such facility in the world.
Gold trading and refining seem to pose a high money laundering risk. On November 4, 2013 a Swiss gold refiner was accused of money laundering
Kaloti case lifts curtain on Dubai Gold Trade
City of Gold Why Dubai’s first conflict gold audit never saw the light of day
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