Editor’s Note
This article highlights the UAE’s proactive steps to strengthen its gold and precious stones sector. By educating traders on compliance and reporting, these workshops aim to bolster market integrity and global competitiveness.
The UAE Ministry of Economy, represented by the Anti-Money Laundering Department, organized two workshops, in Arabic and English, to raise awareness among traders and business owners in the gold and precious stones sector. The aim is to encourage the reporting of suspicious transactions to ensure the quality of these products when submitted to the Financial Intelligence Unit (FIU). This measure contributes to enhancing the competitiveness of the gold sector and its further development in line with international best practices.
As reported by the WAM news agency this Sunday, the workshops addressed specific topics, such as the types of Suspicious Transaction Reports (STRs), reporting requirements, and the warning signs to consider when submitting reports through the FIU’s system.
Abdullah Sultan Al Fan Al Shamsi, Assistant Undersecretary for the Monitoring and Follow-up Sector at the Ministry of Economy, stated:
The Ministry’s team highlighted the risks associated with gold trading and the means to avoid them, as well as the importance of full compliance with national AML/CFT legislation by companies.
The gold, precious stones, and precious metals sector belongs to the Designated Non-Financial Activities and Professions (DNFBPs), supervised by the Ministry of Economy at the national and free zone levels, to combat money laundering and terrorist financing. The Ministry has developed a robust regulatory framework and provides a safe environment for the DNFBP sector to operate in accordance with international best practices. These efforts have led to the establishment of an attractive framework for business and investment in various sectors, thereby building a future economic model based on flexibility and sustainability.