{UAH} Why Dubai's first conflict gold audit never saw the light of day

The global accountancy firm Ernst & Young turned a blind eye when the Dubai metals regulator changed its guidelines during the course of an audit at the Middle East’s largest gold refinery, according to a former Ernst & Young partner, with the result that a report of serious failures at the refinery went unpublished.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.

The matter has come to light thanks to Amjad Rihan, the partner at Ernst & Young Dubai who was in charge of the audit of Kaloti Jewellery International. Our analysis is largely based on detailed documentation shown to Global Witness by Mr Rihan.

The documents suggest that the regulator, the Dubai Multi Commodities Centre (DMCC) altered its audit guidelines after becoming aware of the negative findings in Ernst & Young’s report. The changes enabled Kaloti to keep the results confidential.

Link:http://www.globalwitness.org/sites/default/files/library/dubai_gold_layout_lr.pdf

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Rehema
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