The United States has imposed sanctions against a Belgian gold trader and his businesses for illegally trading gold from regions in the Democratic Republic of Congo (DRC) controlled by armed groups, the Departments of State (DOS) and Treasury (DOT) announced March 17.
The DOT's Office of Foreign Assests Control (OFAC) sanctioned gold refiner Alain Goetz of Belgium, his company African Gold Refinery, based in Uganda, and their network of businesses for illicitly moving millions of dollars in gold annually from the DRC. The illegal trade provides revenue to armed militias that "threaten the peace, security, and stability of the DRC," the DOT states in the announcement.
State Department spokesperson Ned Price addressed the sanctions in a statement released by the agency March 17. Price stated the sanctions against Goetz demonstrate the U.S. commitment to obstruct the trade in illegal minerals in the DRC and support its government's efforts to stabilize the country.
"Alain Goetz and his companies trade gold sourced from regions controlled by armed groups engaged in conflict in the DRC," Price states in the announcement. "These armed groups and their commanders attacked civilians and are implicated in atrocities, including ethnic massacres, rape, and forced recruitment of children."
DOT officials report sanctions against Goetz and his network block Goetz and associates from accessing any property or interests in property in the U.S. or that are owned or controlled by U.S. entities on Goetz's behalf, according to the DOT announcement.
Price states "conflict gold" is the primary source of revenue for armed groups in eastern DRC, which profit from "illegal taxation, raiding of mines, and collaboration with smugglers." Price also noted that Goetz was convicted Belgium in 2020 for money laundering and fraud connected to his gold trade.
"The United States will continue to support the DRC government’s efforts to tackle corruption, end impunity, promote economic growth, and enhance peace and security," Price states in the announcement. "This action underscores our efforts to make sure that the U.S.-DRC Privileged Partnership for Peace, Prosperity, and Preservation of the Environment delivers for the Congolese and American people."
