UAE announces new policy for responsible sourcing of gold

UAE announces new policy for responsible sourcing of gold

Move is part of the Ministry of Economy's continuing efforts to implement a stronger anti-money laundering and combating the financing of terrorism system in the UAE

The new policy aims to enhance the commitment of gold refineries and companies to implementing the due diligence measures for responsible sourcing of gold. — AFP file photo

By Wam Published: Tue 13 Sep 2022, 7:42 PM

The Ministry of Economy (MoE) has published the due diligence regulations for responsible sourcing of gold on its website in both Arabic and English, as part of its continuing efforts to implement a stronger anti-money laundering and combating the financing of terrorism (AML/CFT) system in the UAE.

The policy includes a number of controls and standards for dealers in the precious metals and stones (DPMS) sector (gold), which were developed through practical implementation in accordance with the due diligence guidelines issued by the Organisation for Economic Cooperation and Development (OECD), known to be among the global best practices in this regard.

Safeya Al Safi, director of the Anti-Money Laundering Department at the Ministry of Economy, stated that the new policy aims to enhance the commitment of gold refineries and companies to implementing the due diligence measures for responsible sourcing of gold. This