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8/16/24, 1:44 PM Ministry of Economy Enhances Implementation of UAE’s Anti-Money laundering Regulations

Ministry of Economy Enhances Implementation of
UAE’s Anti-Money laundering Regulations

The Ministry intensifies efforts to combat money laundering and terrorism financing

Staff Writer, TLR
Published August 19:48:32
on 10,
2024, 213

The Ministry of Economy has affirmed its ongoing commitment to
implementing the legislative and regulatory framework for anti-money
laundering (AML) in the country, in accordance with international best
practices.

Furthermore, the Ministry continues to monitor the Designated Non-Financial
Businesses and Professions (DNFBP) sector to ensure the highest levels of
compliance with the UAE’s AML/CFT legislation.
The Ministry explained that the implementation of the due diligence regulations
for the responsible sourcing of gold is part of its role in overseeing the gold
sector and the activities of the precious metals and gemstones trade and
industry.

This is in line with the country's adherence to international standards, notably
those of the Organisation for Economic Co-operation and Development
(OECD).
In this context, the Ministry noted that it has conducted a series of field
inspection tours related to the trade of precious metals and gemstones,
following a clear mechanism for both office and field inspections.

As a result of these inspections, operations at 32 gold refineries in the local
market, representing five per cent of the country's gold sector, have been
temporarily suspended for three months, from July 24 to October 24, 2024.

The Ministry reported that these refineries committed 256 offences, averaging
eight violations per refinery.
The most notable offences included the failure to adopt necessary measures and
procedures to identify risks, failure to notify the Financial Intelligence Unit

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