UAE reinforces anti-money laundering standards in gold sector

The UAE's Minister of Economy and Tourism, Abdulla bin Touq Al Marri, has carried out an inspection tour of Dubai’s Gold Souq to review compliance with regulations in the gold sector, particularly those related to anti-money laundering and counter-terrorism financing standards.

The visit focused on ensuring that merchants are adhering to national and international frameworks governing the trade, as the gold sector falls under regulated non-financial businesses supervised by the Ministry of Economy.

During the tour, the Minister met with traders and discussed how regulations are being applied in practice, while also addressing operational challenges and ways to improve transparency, efficiency, and overall compliance across the market.

He highlighted that the UAE has developed a strong regulatory framework for the gold sector, aligned with international standards set by the Financial Action Task Force (FATF).

He also pointed to key initiatives including a federal gold policy, the UAE Good Delivery Standard for gold, the Emirates Bullion Market Committee, and a national database for traders, alongside due diligence rules for responsible sourcing.

In meetings with representatives from the Dubai Gold and Jewellery Group and major industry players, discussions focused on strengthening cooperation on compliance, and further improving the operating environment for the gold and jewellery sector.

The Minister said the UAE continues to reinforce its position as a leading global hub for gold trade, supported by strong international trust and competitiveness.

He noted that the sector now includes more than 6,200 companies and 53 licensed gold refineries.

According to official figures, the UAE’s gold trade reached around AED 683 billion in 2024, highlighting the scale and importance of the industry to the national economy.

The Ministry says it remains committed to supporting companies in the sector through training and technical guidance, in line with global best practices.