Page 44 - MOE ENGLISH PR REPORT - AUGUST 2024

Press Release

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.

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