The Sentry is an investigative and policy organization that seeks to disable multinational predatory networks that benefit from violent conflict, repression, and kleptocracy.
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11.12.20
MoneyControl.com: LBMA comes up with new norms on gold sourcing, irks Indian bullion sector
In its advisory, the Sentry said that the destination for 95 percent of the gold from East and Central Africa is Dubai, where criminal networks, armed groups and the corrupt use it for money laundering with these “conflict” gold.
A move by the London Bullion Market Association (LBMA) to check laundering and “conflict” gold by fixing some norms has irked Indian bullion industry.
LBMA, one of the most influential gold market authorities, has in a letter to various countries with large gold markets, said that it would stop gold from these countries if they don’t meet the regulatory standards.
The association has sent letters to India, United Arab Emirates (UAE), China, Hong Kong, Singapore, Russia, South Africa, Switzerland, Turkey, the UK and US…
