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27 Feb 2014

Global Witness

City of Gold Why Dubai’s first conflict gold audit never saw the light of day

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The global accountancy firm Ernst & Young turned a blind eye when the Dubai metals regulator [Dubai Multi-Commodities Centre, DMCC] changed its guidelines during the course of an audit at the Middle East’s largest gold refinery [Kaloti Jewellery International], according to a former Ernst & Young partner, with the result that a report of serious failures at the refinery went unpublished. The unreported audit findings pointed to an increased risk of money laundering and of dirty gold from the Democratic Republic of Congo and other conflict zones entering the refiner’s supply chain during 2012...[we invited Dubai Multi Commodities Centre, Ernst & Young Dubai to respond - responses provided, below. Statement by Kaloti Precious Metals also provided below]

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Report by Global Witness: "City of Gold - Why Dubai’s first conflict gold audit never saw the light of day"

أرنست ويونغ تتسترعن مخالفات سوق الذهب في دبي (ردود من أرنست ويونغ، كالوتي، مركز دبي للسلع المتعددة)