"Economy Monitors Gold Sector's Compliance with Anti-Money Laundering Policies"

Abu Dhabi (Union) - The UAE's Minister of Economy and Tourism, Abdullah bin Touq Al-Marri, recently conducted a comprehensive field tour in Dubai's Gold Souk. The aim was to assess the compliance level of traders with laws governing the gold sector, especially those on anti-money laundering and combating terrorism financing. This sector falls under the supervision of the ministry and is part of non-financial businesses.

Al-Marri emphasized that under wise leadership, the UAE has made significant progress in creating a regulatory environment for gold trade, aligning with national risk assessments and international standards set by the Financial Action Task Force (FATF). This has bolstered the nation's prestigious global economic reputation.

Advanced regulatory initiatives have been introduced, like a comprehensive federal policy for the gold sector, the "UAE Standard for Good Gold Delivery," and a dedicated committee for the UAE bullion market. An extensive database for traders has also been established, alongside a federal gold trading platform and guidelines for responsible gold sourcing.

During the tour, Al-Marri engaged with traders, hearing their feedback on compliance levels and challenges faced in market operations. He discussed enhancing process efficiency and transparency to stabilize and increase market competitiveness.

Al-Marri stated that national efforts continue to be intensified, with unified actions among different teams to address operational challenges, enhancing the national system's efficiency and flexibility and maintaining international compliance standards.

Additionally, a meeting with representatives from the "Dubai Jewellery Group" and major companies in the gold, precious metals, and gemstone sectors was held. The discussion focused on collaborative efforts to ensure adherence to anti-money laundering legislation and gathering private sector viewpoints on market operations.

He highlighted that the UAE maintains its status as the world's second-largest gold trading hub, enjoying widespread trust, respect, and high economic competitiveness globally. Currently, 6,213 companies in the UAE are involved in the gold, precious metals, and gemstone industry, along with 53 licensed gold refineries.

The Ministry of Economy and Tourism has provided technical support to businesses in these sectors, training personnel on policy application best practices.

The UAE serves as a global centerpiece for gold trading, with a total gold trade value of approximately 683 billion dirhams (186 billion USD) in 2024, underscoring the sector's economic magnitude.

The country's strategic location, advanced infrastructure, and international logistics network, along with integrated policy adoption in line with best governance practices, support the development of the gold, jewelry, and precious metal sectors. This blend of manufacturing, financing, technology, and financial innovation related to precious metals cements the UAE's status as a safe haven and trusted global destination.