Reuters reveals UAE to audit all gold refineries in crackdown on illicit trade

Reuters exclusively reported that the United Arab Emirates (UAE) will require all gold refineries to undergo annual audits to ensure their suppliers are responsible, in an effort to combat illicit trading. Industry figures said this should raise standards in the UAE, one of the world’s biggest bullion trade hubs, but may also shift flows of gold linked to crime or human rights abuses to other countries, for example in Africa, where the number of gold refineries is growing rapidly.