Page 391 - MOE ENGLISH PR REPORT - AUGUST 2024

8/16/24, 1:43 PM Ministry of Economy continues its efforts in implementing the UAE’s AML/CFT legislative and regulatory system

The Ministry explained that the implementation of the policy on due diligence regulations for the
responsible sourcing of gold in the country forms part of its role in monitoring the gold sector and the
activities of precious metals and gemstones trade and industry. This is in line with the country’s
adherence to the international standards adopted in this regard, the most important of which are the

standards of the Organization for Economic Co-operation and Development (OECD).

In this context, the Ministry pointed out that it has carried out a series of field inspection tours on activities

related to precious metals and gemstones trade, following a clear mechanism for office and field
inspection. As a result of these tours, the operations of 32 gold refineries in the local market, which
accounts for five per cent of the country's gold sector, have been temporarily suspended for three
months starting July 24, and lasting until October 24, 2024.

The Ministry explained that these refineries committed 256 offences, with eight violations per refinery,

most notably the failure to adopt necessary measures and procedures to identify risks, failure to notify
the Financial Intelligence Unit (FIU) of suspicious transactions where necessary, as well as the failure to
verify customers' databases and transactions against names on terrorism lists.

H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, said: “The UAE reaffirms its

commitment to developing a comprehensive legislative and regulatory system for anti-money laundering

and achieving the highest levels of compliance with the due diligence regulations for the responsible
sourcing of gold.”

He added: “The Ministry continues to strive to strengthen its supervisory role on various DNFBP sectors
in the country, which include the operations of the precious metals and gemstones industry and their
trade, activities of real estate agents, company service providers, and auditors’ operations. We are

increasing inspection campaigns to ensure the highest levels of compliance with the UAE’s AML/CFT
law.”

In September 2022, the Ministry of Economy announced the Due Diligence Regulations for Responsible
Sourcing of Gold, within a set of regulations and standards, aimed at establishing a strong national

framework for countering money laundering and combatting the financing of terrorism in one of the
important economic sectors - the gemstones and precious metals (gold) trade sector. The policy came
into force in January 2023.

For further information, please contact:
Orient Planet Group (OPG)
Tel: +971 4 4562888
Email: media@orientplanet.com

Website: www.orientplanet.com

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