UAE Identifies Key Violations in Gold Refining Sector Amid AML Efforts

The Ministry of Economy is actively monitoring businesses to enforce anti-money laundering (AML) and counter-terrorist financing (CTF) laws, creating a secure and attractive environment for business and investment in the UAE. This oversight extends to designated non-financial businesses and professions to ensure the highest levels of compliance with AML and CTF regulations.

Recently, the Ministry of Economy highlighted significant violations committed by gold refineries:

1. Failure to Identify Risks: Gold refineries neglected implementing necessary measures and procedures to identify and assess risks effectively.
2. Lack of Suspicious Transaction Reporting: There was a failure to notify the Financial Intelligence Unit when suspicious transaction reports were necessary.
3. Neglecting Terrorism Watch Lists: Refineries did not adequately check customer and transaction databases against names listed on terrorism watch lists.

Abdullah Al Saleh, Undersecretary of the Ministry of Economy, emphasized that implementing due diligence policies for responsible gold supply chains is crucial. This initiative enhances the Ministry's role in governing the gold sector and the trade and manufacturing of precious metals in the UAE.

By enforcing these regulations, the UAE aims to bolster its reputation as a hub for compliant and transparent business practices in the precious metals industry.

News Source: Khaleej Times