UAE says 'no tolerance' for dirty gold, launches new AML task force
The UAE’s Ministry of Economy and Tourism carried out an inspection tour of Dubai’s Gold Souq to ensure compliance with regulations, especially those related to anti-money laundering and countering the financing of terrorism (AML/CFT) and counter-proliferation financing (CPF), ahead of the global anti-financial crime review.
“We want to make sure that the gold and jewellery market has the highest level of compliance. That is the main reason for our visit today—to ensure that accessibility and accurate information are in place,” Abdulla bin Touq Al Marri, the UAE Minister of Economy and Tourism, told Khaleej Times.
The ministry also announced the establishment of an anti-money laundering task force to ensure all jewellers adhere to laws and standards.
The UAE was successfully removed from the Financial Action Task Force (FATF)’s grey list in 2024, which evaluates countries’ efforts in combating financial crimes. Next month, the organisation will once again review the UAE’s financial landscape. The economy minister said that several workshops had been conducted in the past two weeks to ensure the market is aligned with FATF recommendations.
‘No tolerance for money laundering’
The UAE has implemented a series of advanced regulatory measures, including the launch of a comprehensive federal policy for the gold sector, the introduction of the UAE Good Delivery Standard for Gold, and the establishment of the Emirates Bullion Market Committee. Additionally, a database for corporate and individual traders has been created, a federal gold trading platform has been developed, and due diligence regulations for the responsible sourcing of gold have been issued.
The gold sector is classified under Designated Non-Financial Businesses and Professions (DNFBPs), requiring the highest levels of compliance across market operations.
The UAE is a pivotal global hub for gold trade, with the total value of gold traded across the country’s markets reaching approximately Dh683 billion ($186 billion) in 2024. The UAE’s gold, precious metals, and gemstone sector currently includes 6,213 companies, along with 53 licensed gold refineries.
The minister, along with several prominent gold jewellers in the emirate, including Tawhid Abdullah, CEO of Jawhara, toured the historic Gold Souq on Tuesday.
“There is no tolerance for money laundering in the UAE. It is not part of our economy,” Al Marri said while speaking to gold jewellers and media representatives.
“You are the builders of the UAE’s economy, and therefore we are here standing shoulder to shoulder to ensure there are no signs of this happening,” he added, referring to money laundering.
