The Minister of Economy inspects the gold market in Dubai to monitor traders’ compliance with legislation and anti-money laundering policies
ABU DHABI, 13th May / WAM / His Excellency Abdullah bin Touq Al Marri, Minister of Economy and Tourism, conducted an extensive field tour of the Dubai Gold Market, with the aim of reviewing the level of traders’ commitment to implementing the legislation and policies regulating the gold sector, especially the legislation related to combating money laundering, combating the financing of terrorism, and financing the spread of armaments, as this sector falls within the specific non-financial business sectors and professions supervised by the Ministry, and ensuring that the highest levels of compliance are achieved in various market practices.
His Excellency Abdullah bin Touq Al Marri stressed that the UAE, with the support and guidance of the wise leadership, has made great strides in developing a legislative and regulatory environment for the trade and sale of gold, in line with the national risk assessment of the gold sector and the international standards issued by the Financial Action Task Force (FATF), which contributed to enhancing the distinguished positive reputation that the national economy enjoys globally.
His Excellency pointed out that a package of advanced regulatory initiatives had been implemented, including the launch of a comprehensive federal policy for the gold sector, the launch of the “Emirates Standard for Good Delivery of Gold,” the establishment of a special committee for the UAE bullion market, in addition to building a database for corporate and individual traders, developing a federal platform for gold trading, as well as issuing a due diligence policy and regulations for the responsible supply of gold.
During the tour, His Excellency listened to the opinions and observations of a number of traders on the levels of compliance and practical application of relevant legislation and policies, in addition to the most prominent operational challenges they face in the conduct of business within the market, and ways to enhance the efficiency of procedures and raise the level of transparency and adherence to approved standards, in a way that contributes to supporting market stability and enhancing its competitiveness.
His Excellency Abdullah bin Touq said: We continue to intensify national efforts and unify work among various teams and stakeholders, to address all operational challenges facing merchants, in a way that enhances the efficiency and flexibility of the national system, and supports the sustainability of compliance with relevant international standards.
In addition, His Excellency Abdullah bin Touq Al Marri held a meeting with a number of representatives of the Dubai Jewelery Group and a number of major companies operating in the gold, precious metals and gemstones sector, to discuss ways to enhance joint cooperation in supporting compliance with legislation and policies related to combating money laundering, and to learn about the views of the private sector regarding developing the work system in the gold and jewelry market.
During the meeting, His Excellency said that the UAE continues to consolidate its position as the second largest global center for gold trading, as it enjoys widespread trust and respect and high economic competitiveness in this field worldwide, pointing out that the gold, precious metals and gemstones sector in the country today includes 6,213 companies, in addition to 53 licensed gold refineries.
During the last phase, the Ministry of Economy and Tourism was keen to provide the necessary technical support to establishments and companies in the field of gold and gemstone trade, by training the relevant officials there to understand the implementation of policies according to the best methods and means followed.
The UAE is considered a pivotal global center for gold trading and trading, as the total value of gold traded through the country’s markets reached about 683 billion UAE dirhams ($186 billion) in 2024, which reflects the size of this sector and its growing economic status.
Today, the country continues to strengthen its position in the economic activities related to the gold, jewelry, and precious metals sector, taking advantage of its strategic location, advanced infrastructure, and international logistical network that connects it to all global markets, and by adopting integrated policies in accordance with best practices for governance and development of the sector, combining support for manufacturing, financing, technology, and financial innovation activities related to precious metals, which contributes to consolidating its position as a safe haven and a reliable destination in this field worldwide.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related
