The Treasury said a network of armed groups, smugglers and companies generate illicit revenue from the gold industry through forced labour, smuggling or other means. It said the illicit movement of gold provides revenue to armed groups that threaten peace and security in Congo.
“Conflict gold provides the largest source of revenue to armed groups in eastern DRC where they control mines and exploit miners,” the Treasury's under secretary for terrorism and financial intelligence, Brian Nelson, said in the statement.
“Alain Goetz and his network have contributed to armed conflict by receiving DRC gold without questioning its origin.”
The Treasury said Goetz's network sources gold from Congo, Kenya, South Sudan and Tanzania.
Goetz said the Treasury's Office for Foreign Assets Control (OFAC) had presented no documented evidence to back up their claims, and that he was confident this “mistake” would be swiftly rectified.
The Ugandan government did not immediately reply to a request for comment.
Others designated on Thursday that the Treasury said were owned or controlled by Goetz include United Arab Emirates-based Agor DMCC and UAE-based Goetz Gold LLC.
Agor did not immediately respond to a request for comment.
Goetz Gold LLC and the African Gold Refinery could not immediately be reached for comment.
The Treasury said that since 2016, the African Gold Refinery, considered one of the largest gold refineries in Africa, has sourced illicit gold from mines in regions of Congo that are controlled by armed groups, including the Mai-Mai Yakutumba and Raia Mutomboki militia.
Thursday's move freezes any US assets of those designated and generally bars Americans from dealing with them.
“This strong action by the US will send shock waves throughout the global gold supply chain,” Sasha Lezhnev, policy consultant at non-governmental organisation The Sentry, said.
“Turning a blind eye to conflict gold now carries a heavy price.”