UAE Introduces New Gold Import Regulations To Prevent 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. #UAE 🇦🇪 to introduce new #gold import rules with up t...