The Minister of Economy inspects the gold market in Dubai to monitor traders’ compliance with the legislation regulating the gold sector

The Minister of Economy and Tourism, Abdullah bin Touq Al Marri, conducted an extensive field tour of the gold market in Dubai, 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 arms, 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.

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.

The Minister 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, the Minister 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.

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, 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.

He said during the meeting 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.