Page 397 - MOE ENGLISH PR REPORT - AUGUST 2024

8/16/24, 1:44 PM Ministry of Economy continues its efforts in implementing the UAE’s AML/CFT legislative and regulatory system - Middle East News…
the Ministry continues to monitor the Designated Non-Financial Businesses and Professions (DNFBP) sector
in order to ensure its highest levels of compliance with the UAE’s AML/CFT legislation.

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.”

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