Page 442 - MOE ENGLISH PR REPORT - AUGUST 2024

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

The new policy governs the responsible sourcing of gold by precious metal importers and
refiners. Those found in breach of the regulations face fines in the range of Dh50,000 to

Dh5 million.

Regulated businesses must comply and enforce the new provisions. These include

companies operating refineries and involved in the recycling of gold products inside and

outside the country.

The initiative includes the establishment of the Emirates Gold Bullion Committee to unify

national efforts to enhance oversight of the sector, with the participation of private

companies, and the setting up of a federal platform for gold trading.

The regulations specify the affected entities, which include companies involved in refining

and recycling gold products inside and outside the country, businesses falling under the

precious metals and gemstones trade sectors, and those labelled as designated non-
financial businesses or professions.

The rules require these companies to take the necessary steps and adapt their policies and

procedures to prevent the misuse of gold imports in money laundering or other financial
crimes.

Last year, the UAE suspended the accreditation of Emirates Gold DMCC, one of the

country’s biggest gold refineries, over concerns that its owners had ties to alleged money

launderers.

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