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UAE Advances Anti-Money Laundering Efforts: Gold Refineries Discuss Due Diligence Regulations for Responsible Supply

Due DiligenceUAE Advances Anti-Money Laundering Efforts: Gold Refineries Discuss Due Diligence Regulations for Responsible Supply

The Ministry of Economy in the UAE, through its Anti-Money Laundering (AML) department, organized a two-day session for gold refineries in the country to discuss due diligence regulations for the responsible supply of gold. These regulations, made mandatory for all gold refineries in the UAE since January 2023, align with global standards set by the Organisation for Economic Cooperation and Development (OECD). The session aimed to promote awareness among gold refineries regarding the requirements of gold supply procedures, discuss challenges, and address queries related to the implementation of these procedures. The due diligence practices in the gold supply chain, including the ‘Know Your Customer’ (KYC) policy, were discussed, emphasizing the importance of complying with AML/CFT legislation. The UAE has been actively working to strengthen its national AML/CFT regime, particularly in the designated non-financial business or professions (DNFBP) sector, which includes gold trade and trading. The UAE’s initiatives and policies in the gold sector aim to align with international standards and enhance its position as a leading global hub in gold trade.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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