The Ministry of Foreign Trade issued a statement clarifying that all gold entering the UAE is subject to strict monitoring and verification procedures
The Ministry of Foreign Trade has issued a statement on the regulations and policies governing the UAE’s gold sector in light of recent reports on gold imports from Sudan.
The statement is as follows:
“The UAE is the world’s second largest gold trading hub and, as such, imports gold from countries on every continent. Over the last five years, we have developed a robust regulatory framework to maximise the security, integrity and transparency of every gold transaction. These include mandatory anti-money-laundering and know-your-customer protocols, annual audits and full enforcement at all points of entry.
Our procedures are fully in line with, and in some areas exceed, the OECD Due Diligence Guidelines for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas – and consistent with the world’s leading gold-trading hubs.
The relevant entities have set regulatory standards which require gold refiners and precious metals dealers to strictly comply with enhanced on-site and off-site due diligence prior to onboarding suppliers operating in or sourcing from Conflict-Affected and High-Risk Areas (CAHRAs).
Our risk-based approach, combined with strict regulatory oversight and supported by a comprehensive training program, has effectively mitigated the risk of conflict-affected gold entering the legitimate supply chain and reinforced the integrity of the UAE’s precious metals market.
These measures have enabled us to earn the trust of exporters from all over the world, who recognise the stability and broad scope of our gold sector. It should also be noted that, in 2024, the combined value of gold passing through the UAE was US$186 billion. The value from Sudan was US$1.97 billion, which amounts to 1.06 percent, and does not exceed 0.4 percent of the Gross Domestic Product (GDP).
Given the global gold community’s confidence in the UAE’s market, the effectiveness of our regulatory framework, and our strong commitment to the integrity of the gold trade, the relevant entities in this sector will continue to collaborate with global bodies to ensure that our enforcement and reporting practices meet the highest international standards.”
