Editor’s Note
This article highlights the UAE’s efforts to strengthen its gold sector through new due diligence guidelines, aligning with international standards to ensure transparency and combat illicit financial activities.
The UAE Ministry of Economy is reviewing due diligence guidelines aimed at ensuring a responsible and transparent gold supply chain. This initiative aligns with global efforts to combat illicit financial flows and promote ethical sourcing practices within the precious metals industry.
The guidelines are designed to help gold refiners, traders, and other entities in the supply chain identify, assess, and mitigate risks related to money laundering, terrorist financing, and human rights abuses associated with gold mining and trading.
The review process involves consultations with industry stakeholders, including major refineries and trade associations, to ensure the guidelines are practical and effective. The move is part of the UAE’s broader commitment to implementing international standards set by organizations such as the Financial Action Task Force (FATF).