"Economy" Promotes awareness of compliance requirements and combating money laundering in the precious metals and gemstones sector

DUBAI, June 23, 2017 (WAM) – The Ministry of Economy and Tourism, in cooperation with Dubai Chambers and Dubai Jewelery Group, organized a specialized workshop for the precious metals and gemstones sector under the title “Enhancing Compliance with Requirements to Combat Money Laundering and Combating the Financing of Terrorism in the Private Sector.”

The workshop comes within the framework of continuing national efforts to raise awareness and commitment among the private sector to the requirements for compliance with policies, systems, and operational and procedural processes related to combating money laundering, combating the financing of terrorism, and financing the proliferation of arms, in line with the laws, legislation, and decisions in force in the country, and in line with international standards issued by the Financial Action Task Force (FATF).

Counselor Salem Ahmed Al Taniji, Director of the Anti-Money Laundering and Combating the Financing of Terrorism Department at the Ministry of Economy and Tourism, Maha Al Gergawi, Vice President of the Business Community Interest Support Sector at Dubai Chambers, and Tawhid Abdullah, Chairman of the Board of Directors of the Gold and Jewelery Group, participated in the workshop, along with a number of representatives of the relevant authorities, sector experts, and a group of establishments operating in the precious metals and gemstones sector.

Her Excellency Safia Al Safi, Assistant Undersecretary for the Commercial Control and Governance Sector at the Ministry of Economy and Tourism, stressed the Ministry’s keenness and concerted efforts with various national authorities to establish a solid control environment that is consistent with the highest international standards and practices.

Her Excellency explained that the precious metals and gemstones sector represents a fundamental pillar within the sectors of specified non-financial professions and businesses subject to the Ministry’s supervision in the file of combating money laundering and combating the financing of terrorism and armaments, noting that its awareness of compliance requirements is of prominent importance given that it is one of the high-risk sectors as a result of the great activity it witnesses, and the UAE’s pioneering position as the second largest global center for gold trading.

Her Excellency added: “The importance of this awareness workshop stems from our tireless endeavor to keep the institutions of this vital sector constantly informed of the latest developments and legislation related to combating money laundering. We aim, through these efforts, to enable companies to build a comprehensive and highly efficient compliance system capable of combating financial crimes, which in turn contributes to enhancing levels of transparency, ensuring the stability of the business environment, and consolidating the competitiveness and distinguished economic position of the country.”

The workshop stressed the importance of consolidating institutional compliance and enhancing partnership between the public and private sectors in supporting the system of combating money laundering and terrorist financing, which contributes to raising the efficiency of the supervisory system and integrating its roles.

The workshop discussed ways to enhance the readiness of establishments operating in the precious metals and gemstones sector, by raising the level of awareness of regulatory and supervisory requirements, and enabling them to adopt and apply the best approved practices in the areas of compliance and risk management, in a way that supports the sustainability and stability of the sector and enhances the transparency and integrity of the business environment.

It witnessed the review of a package of specialized technical and regulatory topics, such as the requirements of the Financial Action Task Force (FATF) and the role of the private sector in supporting the compliance system.

It discussed ways to enhance awareness and training in the precious metals and gemstones sector in the field of analyzing and evaluating the risks of money laundering, terrorist financing, and financing of proliferation, in addition to discussing the obligations to examine sanctions, lists of names and high-risk countries, and applying due diligence measures towards customers of all categories.

The workshop touched on the mechanisms for preparing and submitting suspicious activity reports (SARs) and suspicious transaction reports (STRs) and the competent authorities, in addition to enhancing the concepts of responsible supply in the value chains related to the sector, in a way that supports the system of integrity and transparency in commercial transactions.

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