To combat money laundering, the Ministry of Economy is monitoring business to enforce laws and create an attractive environment for business and investment.
The Ministry oversaw designated non-financial businesses and professions, to ensure highest levels of compliance with anti-money laundering and counter-terrorist financing laws in the UAE.
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In a social media post, the Ministry of Economy revealed some of the major violations committed by gold refineries:
- Failure to take necessary measures and procedures to identify risks
- Failure to notify the Financial Intelligence Unit of a suspicious transaction report when necessary
- Failure to check customer and transaction databases against names listed on terrorism watch lists
Implementing the due diligence policy for responsible gold supply chains enhances the ministry’s role in governing the gold sector and the trade and manufacturing of precious metals in the UAE, Abdullah Al Saleh, Undersecretary of the Ministry of Economy confirmed.