Strict Regulatory Framework for Gold Sector Confirmed by Foreign Trade Ministry

The UAE Ministry of Foreign Trade released a statement concerning the regulations governing the gold sector in response to recent reports about gold imports from Sudan. The UAE is the world's second-largest gold trading hub, importing gold from across the globe.

Over the last five years, the UAE has developed an effective regulatory framework to ensure safety, security, and transparency in gold transactions. This includes stringent measures for anti-money laundering, customer due diligence, annual audits, and comprehensive checks at entry points. The measures align with and sometimes exceed the guidelines of the OECD for responsible mineral sourcing from conflict-affected and high-risk areas. The UAE's standards are in line with global gold trading centers.

Authorities have imposed strict regulatory standards requiring gold refineries and precious metal traders to conduct enhanced due diligence, both onsite and offsite, before accepting any supplier operating in or importing from conflict-affected and high-risk regions.

This risk-based approach, combined with rigorous regulatory oversight and comprehensive training programs, has effectively curbed the entry of conflict-affected gold into the legal supply chain, thereby maintaining the integrity of the UAE's precious metals market.

As a result of these comprehensive measures, the UAE has gained the trust of exporters worldwide, who recognize the stability and extensive reach of its gold sector. Notably, in 2024, the total value of gold passing through the UAE was $186 billion, of which only $1.97 billion came from Sudan, representing a mere 1.06% and less than 0.4% of the GDP.

The UAE will continue partnering with global entities to uphold the highest international standards in enforcement and reporting practices, cementing the trust of the international gold community in the UAE's market and its robust regulatory framework.