UAE Introduces New Gold Import Regulations To Prevent Money Laundering

 

UAE - Gold Import Regulation - Money Laundering


In an exceptional move to stop money laundering and the financing of terrorism, the UAE has now decided to introduce a new set of regulations on gold imports. This will also prevent organisations from indulging in these activities.

These were announced formally by the Ministry of Economy recently and remain as the latest move in the series of initiatives by Emirates to enhance oversight of the trade and circulation of gold in line with international standards.

The new regulations will expect regulated businesses to comply with these new rules. Those found in breach of the regulations face fines in the range of Dh50,000 to Dh5 million ($13,623 to $1.36m).

The country had already unveiled UAE Good Delivery Standard for Gold in November 2021. This is a voluntary national standard for the gold sector to establish a framework that favours ideal specifications in the delivery and circulation of the yellow metal.

According to Safeya Al Safi, director of the Anti-Money Laundering Department at the Ministry of Economy, “The adherence to these guidelines is mandatory for all gold refineries operating in the country, starting from January 2022, in line with national trends in this regard. It takes international best practices and the findings and recommendations of the Financial Action Task Force into account, and helps consolidate the UAE’s position as a major player in supply chains and global trade networks for the gold.”

Further, Mr. Safi has said that these new guidelines will support legislation to counter money laundering and combat terrorism financing, in line with the directives of the OECD and its annex related to gold.

Apart from this, these rules and regulations will also enhance the competitiveness of our national business and investment environment, and strengthen our national economy’s reputation at the regional and global levels.

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