Exclusive: Gold market authority threatens to blacklist UAE and other centres

Exclusive: Gold market authority threatens to blacklist UAE and other centres

LONDON (Reuters) – 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. FILE PHOTO: A woman walks past gold jewellery displayed in a shop window at the Gold Souq in Dubai, United Arab Emirates March 24, 2018. REUTERS/Christopher Pike In the letter dated Nov. 6 addressed to countries with large gold markets, the London Bullion Market Association (LBMA) laid out standards they must meet on issues such as money laundering and where they source their gold – or be blacklisted.

The move by the LBMA is the first time a market or state authority trying to tackle the illegal or unethical production and trading of gold has raised the prospect of cutting off the bullion industry in a major financial centre.

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