U.S. Established Sanctions on Illegal Gold Exports from DRC

The statement issued by the U.S. Treasury Department the primary target was the African Gold Refinery in Uganda, which is being operated by the Belgian businessman.

SEATTLE (Scrap Monster): The United States imposed sanctions on businessman Alan Goetz and a network of companies associated with him, for allegedly involved with illicit exports of gold from the Democratic Republic of Congo (DRC).

The statement issued by the U.S. Treasury Department the primary target was the African Gold Refinery in Uganda, which is being operated by the Belgian businessman. It cited several other companies owned and controlled by him. It alleged that Goetz and the companies were involved in illegal gold exports valued at hundreds of millions of dollars per year.

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The U.S. accused of that these companies are found to have ties with armed militant groups and smugglers. They generate illegal revenue through various means including forced labour and smuggling. The gold sales are used to fund armed groups, who in turn are a threat to DRC’s peace and security.

The conflict gold acts as the largest source of revenue to armed groups in eastern DRC, noted Brian Nelson, Under Secretary for Terrorism and Financial Intelligence, U.S. Treasury Department. The network sources gold not only from DRC, but also from other African nations such as Kenya, Sudan and Tanzania.