The Management of Emirates Gold DMCC have noted the media articles written by several media groups concerning Emirates Gold DMCC’s suspension of its UAE Good Delivery accreditation and the suspension of its LBMA affiliation membership. Management would like clarify the following points to our stakeholders:
- Emirates Gold DMCC has not lost its trading license as incorrectly reported in certain articles.
- The suspension of its UAE Good Delivery accreditation is merely a temporary suspension and Management are working with the Emirates Bullion Committee to resolve their concerns and have the accreditation reinstated.
- Emirates Gold has passed all recent compliance audits relating to the Emirates Bullion Committee Compliance requirements for UAE Good Delivery Accreditation, the LBMA Responsible Gold Guidance audit and the Anti Money Laundering audit. Emirates Gold has received highly positive feedback from its compliance auditors on the strength of its compliance processes.
- The suspension by the Emirates Bullion Committee has nothing whatsoever to do with Emirates Gold’s compliance processes, activities or quality control practices and to the best of our knowledge the suspension has come about because of the Emirates Bullion Committee’s perceived risk to its reputation of our shareholding structure. There have been no concerns raised about Emirates Gold’s responsible sourcing and anti-money laundering practices.
- Emirates Gold has at all times strictly followed the rules and processes of the UAE Good Delivery requirements, the LBMA responsible sourcing requirements and the UAE Ministry of Economy Anti Money Laundering rules.
- Emirates Gold is run by a professional management team who maintain the strictest Anti Money Laundering practices who, to the best of its knowledge, and with the assurance of its strong compliance policies, procedures and implementation, have not been party to any money laundering activity as incorrectly reported on certain websites.
- The LBMA suspension has been purely a reaction to the UAE Good Delivery Accreditation suspension.
- To the best of our knowledge the LBMA has not established any breach of its rules by Emirates Gold as incorrectly implied in certain media reports.
- Stakeholders can refer to our website at https://www.emiratesgold.ae/reports/ for copies of our recent compliance audit reports for both the UAE Good Delivery compliance audit and the LBMA compliance audit.
- The ultimate beneficial owners of Emirates Gold have nothing to do with any allegations made by Al Jazeera in their “Gold Mafia Documentary” and are independent and separate from any persons mentioned in this so-called documentary.
We would like to assure our stakeholders that Emirates Gold will continue in business during this time of suspension of our UAE Good Delivery Accreditation and our LBMA affiliate membership whilst it works with the relevant entities to reinstate such accreditation and membership.
Emirates Gold humbly requests the general public not to fall victim to the unseen plot by some vested interests who stand to benefit from the outcome of the ongoing media attack on the company and its ultimate beneficial owners. We look forward to your support to tide over the most unfortunate phase of Emirates Gold’s history and its employees, many of whom have served, with loyalty and professionalism, the company and the industry for decades.
EMIRATES GOLD DMCC