On 12 November, Reuters reported that the London Bullion Market Association (LBMA) has laid out standards they must meet on issues such as money laundering and where they source their gold – or be blacklisted. It is threatening to stop bullion from countries including the UAE entering the mainstream market if they fail to meet regulatory standards. 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. FATF has criticised its controls, as have NGO. A Reuters investigation last year found gold worth billions of dollars had been smuggled to Dubai from Africa, much of it mined by artisanal labourers who often work in difficult conditions. Once the gold has reached the UAE, it can then enter the global market.
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