UAE: New policy for responsible sourcing of gold published

UAE: New policy for responsible sourcing of gold published

It includes standards for dealers in the precious metals and stones sector

By Wam Published: Tue 13 Sep 2022, 2:42 PM

The Ministry of Economy (MoE) has published the 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 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 protects the interests of companies engaged in pre-manufactured bullion and gold-related activities from sanctions and administrative penalties for non-compliance in accordance with the provisions of the Executive Regulations of Federal Decree Law No. (20) of 2018 on anti-money laundering and combating the financing of terrorism