US imposes sanctions over illicit exports of gold from Congo

The US on Thursday imposed sanctions on Belgian businessman Alain Goetz and a network of companies tied to him that it accused of being involved in the illicit movement of gold from Democratic Republic of the Congo.

The US Treasury Department, in a statement, said among the targets was the African Gold Refinery in Uganda, which Goetz operates, and several other companies he owns or controls. It accused Goetz and the companies of being involved in illegal gold exports valued at hundreds of millions of dollars per year.

In a statement, Goetz said his inclusion on the US sanctions list “seems to be based on misinformation”. He said he has not been to Congo in more than 20 years and has not kept any active contacts within Congo.

Goetz said he was asked to set up East Africa’s first gold refinery in 2014, adding that “nothing has made me prouder than to see the impact that African Gold Refinery has had on the gold industry in the Great Lakes region”.