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Reuters
Letter showed London Bullion Market Association (LBMA) threatens to stop bullion from countries, including the United Arab Emirates and Turkey, from entering the mainstream market if they fail to meet regulatory standards .
In the letter dated November 6 to countries with large gold markets, the London Bullion Market Association, which is the world’s most influential body in the gold market, set standards to which countries must adhere, regarding money laundering and gold sources, otherwise they will be blacklisted.
The association mainly tries to fight against the illegal or unethical production of gold and its circulation on the world market.
“Our goal is to work together with these big markets, to advance global standards, not to deviate from them,” Ruth Crowell, managing director of LBMA, told Reuters.
The LBMA letter did not target any particular country, but four people who helped write it told Reuters that the gold industry in Dubai, United Arab Emirates, was the main focus.
The message is addressed to China, Hong Kong, India, Japan, Russia, Singapore, South Africa, Switzerland, Turkey, United Arab Emirates, UK United and United States.
The LBMA is a trading group and not a government agency, but it has a great influence in the gold market, as the major international banks, which dominate the gold trade, usually only process the metal from licensed refineries. by the association.
Source: “Reuters”
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