Page 440 - MOE ENGLISH PR REPORT - AUGUST 2024

8/16/24, 1:31 PM UAE suspends 32 gold refineries in anti-money laundering crackdown | The National
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They collected more than Dh10 million in fines imposed as targeted financial sanctions

between July and October 2023.

The UAE authorities recorded suspicious activity reports relating to the gold sector

increased to 6,432 last year from 223 in 2021, according to Bloomberg, which quoted the

Ministry of Foreign Affairs.

Referring to the suspension of refineries, Roberto d'Ambrosio, chief executive of multi-

asset broker Axiory Global, said despite short-term concerns that suppliers and buyers

might have, the gold market will not be impacted beyond measure.

“This action and others to come will create a fairly competitive marketplace for the whole

industry,” he said.

“What we witness today is the consequence of a wide review of policies and procedures

on anti-money laundering and finance of terrorism, which fully embeds the UAE within

global efforts to combat these plagues.”

Mr d'Ambrosio said he does not agree with generally labelling gold trades in the UAE as

dodgy.

“Some players might have cut corners, or not fully applied the new rules implemented by

the UAE, but overall the industry is made up of fair, competitive and law-abiding

players,” he said.

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