Money laundering and gold

A global body, including China, South Korea and Japan, stands to combat money laundering, terrorist financing linked to weapons of mass destruction. The United Arab Emirates has now suspended Emirates Gold over money laundering allegations, meaning the country has suspended the license of a major gold refiner. Then last Friday, the London Bullion Market Association suspended Emirates Gold’s membership. Because two owners of Emirates Gold are said to be related to businessmen from Zimbabwe. And these same businessmen were said to have been involved in money laundering. The international pressure on the United Arab Emirates is great, because strict measures are taken against money laundering.

Of course, the Emirates want to be removed from the list of the global supervisory authority. But the Gulf country must first convincingly demonstrate that it is fighting financial crime. For example, just earlier this year, the Emirates‘ central bank issued new guidelines to ultimately stem global criticism. Money laundering is a problem worldwide. In this country, a new anti-money laundering law has been in place since 2021. Banks must closely monitor suspicious transactions, and if they suspect money laundering, they are allowed to freeze customer accounts. Money laundering or not, investors who want to invest their honestly saved money in gold can buy physical gold or fall back on the stocks of gold companies such as Condor Gold or Chesapeake Gold.

Condor Gold – https://www.commodity-tv.com/ondemand/companies/profil/condor-gold-plc/ – is focusing on three projects in Nicaragua. The La India project (100 percent) covers 588 square kilometers and covers 98 percent of the historic La India gold mining district.

Chesapeake Gold – https://www.commodity-tv.com/ondemand/companies/profil/chesapeake-gold-corp/ – is active in North and South America. The prospective flagship Metates project in Durango contains gold, silver and zinc.

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