Page 43 - MOE ENGLISH PR REPORT - AUGUST 2024

Press Release

Ministry of Economy continues its efforts in implementing the

UAE’s AML/CFT legislative and regulatory system in accordance
with international best practices

H.E. Al Saleh: Implementation of the due diligence policy for the responsible

sourcing of gold enhances the role of the Ministry in the sector’s governance

Abu Dhabi, 9 August 2024:

The Ministry of Economy affirmed that it continues its efforts to implement the legislative and
regulatory system for anti-money laundering in the country, in accordance with international best
practices. In addition, 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.

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