Loading ...The U.S. Treasury sanctioned Belgian gold trader Alain Goetz and his African Gold Refinery Ltd., one of the continent’s biggest processors of the metal, for allegedly contributing to conflict in the Democratic Republic of Congo.
Goetz and Uganda-based AGR are key players in Congo’s illicit gold trade, which is worth hundreds of millions of dollars each year and is the largest source of revenue for armed groups in the country, the Treasury said Thursday in an emailed statement. Goetz, AGR and eight other linked companies will have their U.S.-based assets blocked under the sanctions, it said.
SIGN UP FOR THE PRECIOUS METALS DIGEST
“Alain Goetz and his network have contributed to armed conflict by receiving DRC gold without questioning its origin,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said in the statement. “Treasury has been very clear: global gold markets, at every step of the supply chain, must engage in responsible sourcing and conduct supply-chain due diligence.”