DUBAI — UAE Economy and Tourism Minister Abdulla bin Touq Al Marri conducted an inspection tour of the Dubai Gold Souq to review traders’ compliance with anti-money laundering regulations and counter-terror financing frameworks governing the country’s gold sector.
The visit focused on adherence to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) and Counter-Proliferation Financing (CPF) rules applicable to the gold trade, which is classified among the UAE’s Designated Non-Financial Businesses and Professions (DNFBPs) overseen by the Ministry of Economy and Tourism.
Bin Touq said the UAE had made “significant strides” in strengthening the legislative and regulatory framework for the gold trade in line with the National Risk Assessment and standards set by the Financial Action Task Force.
He said the country had introduced a series of regulatory measures, including a federal policy for the gold sector, the UAE Good Delivery Standard for Gold, and the establishment of the Emirates Bullion Market Committee.
The UAE has also launched a federal gold trading platform, created databases for traders and companies, and issued due diligence regulations for the responsible sourcing of gold, he added.
During the tour, the minister met merchants to discuss operational challenges and the implementation of compliance procedures aimed at improving transparency, efficiency and market stability.
“We continue to intensify national efforts and unify action among the various teams and relevant stakeholders to address all operational challenges faced by traders,” Bin Touq said.
The minister also met representatives of the Dubai Gold and Jewellery Group and executives from major gold, precious metals and gemstone companies to discuss cooperation on anti-money laundering compliance and the development of the sector’s operational ecosystem.
Bin Touq said the UAE remained the world’s second-largest hub for gold trade, supported by high levels of trust and economic competitiveness.
According to the ministry, the UAE’s gold, precious metals and gemstones sector currently includes 6,213 companies and 53 licensed gold refineries.
The total value of gold traded across UAE markets reached about AED683 billion ($186 billion) in 2024, underlining the sector’s growing economic significance.
The UAE has sought to strengthen its role in global gold and jewellery trade through regulatory reforms, advanced logistics infrastructure and policies aligned with international standards, while promoting manufacturing, financial innovation and responsible sourcing practices in the precious metals sector. – With inputs from WA