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Business & Finance

Reuters exclusively reports gold market authority threatens to blacklist UAE and other centers

Reuters reported exclusively that the world’s most influential gold market authority is threatening to stop bullion from countries including the United Arab Emirates from entering the mainstream market if they fail to meet regulatory standards. In a letter seen by Reuters and 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 center.

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Europe
Countries: England
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
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