Page 438 - MOE ENGLISH PR REPORT - AUGUST 2024

8/16/24, 1:31 PM UAE suspends 32 gold refineries in anti-money laundering crackdown | The National
UAE suspends 32 gold refineries in anti-money laundering crackdown

Enforcement seeks to protect industry’s reputation by fostering effective compliance culture, experts say

Deepthi Nair
08 August, 2024

The UAE has suspended 32 local gold refineries for three months for failing to

follow anti-money laundering laws, as the country intensifies its crackdown on financial

crimes.

The Ministry of Economy carried out a series of inspections on activities related to the

trade and manufacture of precious metals and gemstones to ensure compliance with anti-
money laundering legislation in the gold sector.

Following this, the ministry charged the refineries with 256 violations, with eight

violations for each, state news agency Wam reported.

The alleged violations include failing to take proper measures to identify money

laundering risks, not making required notifications of suspicious transactions to the
Financial Information Unit and not examining customer and transaction databases against

names on terrorism watch lists.

The suspensions began on July 24 and will last until October 24. The 32 refineries account

for 5 per cent of the country’s gold sector, the ministry said. However, the refineries were

not named.

“The UAE is a major player in the global gold industry. Dubai has become one of the

largest gold trading hubs in the world, where the Emirates is presently the fourth biggest

country in the world for gold imports,” said James Willn, partner for the energy and

natural resources group at law firm Reed Smith.

https://www.thenationalnews.com/business/money/2024/08/08/uae-gold-refineries-anti-money-laundering/ 1/6