The United Arab Emirates temporarily suspended activities at 32 gold refineries as part of an effort to curb money laundering.
Officials determined that the plants committed a total of 256 violations, including not taking the necessary steps to identify risks, and not examining customer and transaction databases against names on terrorism watchlists.

Gold smuggling is an age-old practice, but it’s become all the more lucrative as the price of bullion has soared to record highs this year. Prices peaked at $2,483.73 an ounce in mid-July, supported by central bank buying, surging demand in China, geopolitical tensions and expectations of US monetary easing.

https://www.mining.com/web/uae-suspends-32-gold-refineries-in-money-laundering-crackdown/