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UAE suspends gold refinery over owners’ alleged laundering links


The United Arab Emirates suspended the accreditation of one its biggest gold refineries over concerns that its owners had ties to alleged money launderers.

Emirates Gold DMCC — which has operated in Dubai for more than 30 years — was last week suspended from the UAE’s Good Delivery List, according to a government website. The bullion committee, which is chaired by the Economy Ministry, removed the refinery due to concerns its owners were connected to alleged money launderers, according to people familiar with the thinking behind the decision.

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The London Bullion Market Association, which regulates the UK capital’s precious metals market, followed suit on Friday and suspended the refinery’s affiliate membership after a due diligence review. It said it “takes very seriously any breaches of the rules,” without giving details.

A spokesperson for Emirates Gold said earlier this week the company operates to the highest industry standards for responsible sourcing and anti-money laundering, and has a long history of compliance audits to show that. Any matters relating to the authorities remain private, the spokesperson said.

According to the people familiar with the UAE decision, two of the ultimate beneficial owners of Emirates Gold are relatives of Zimbabwean businessmen Simon Rudland and Howard Baker. A documentary by Al Jazeera earlier this year alleged that the two men were involved in money laundering through the UAE’s gold sector. It didn’t name any specific UAE refiner in connection with them.

In response to the Al Jazeera documentary Rudland denied involvement in money laundering. Baker didn’t respond to the channel when asked for comment.

Emails and phone calls by Bloomberg to Rudland and his company Gold Leaf Tobacco went unanswered. Baker couldn’t be reached for comment.

The suspension of one of the most storied names in the UAE’s gold business comes as authorities crack down on suspected illegal practices in the sector. The Gulf nation has been implementing tough new laws to curb money laundering, levying large fines on non-compliant firms.

The UAE created its Good Delivery list as a standard for top firms. To maintain that accreditation, refiners must undergo annual audits to ensure they’re complying with anti-money laundering and responsible sourcing laws.

The clean-up of the gold sector is part of the UAE’s bid to rehabilitate its financial reputation, after being added to a watch-list by a money laundering watchdog last year. The Paris-based Financial Action Taskforce named the UAE’s gold industry as a cause for concern before adding the country to its “gray list.”

Emirates Gold was sold last year to a consortium that included relatives of Simon Rudland and Howard Baker, after the death in 2021 of its founder Mohamad Shakarchi, an Iraqi-born precious metals merchant, according to the people familiar with the situation.

The firm was one of just three UAE-based refineries with the nation’s Good Delivery accreditation, making it a top player in the Middle East’s biggest gold market. Other accreditation programs are also used by other refiners in the country.

Read more: UAE Central Bank issues virtual assets guidance to prevent money laundering

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Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

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At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

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US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM

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