Gulf News (United Arab Emirates), 21 July 2022: The UAE’s Economy Ministry has announced gold import rules have been tightened.
The Due Diligence Regulations have been introduced to ensure the responsible importing of gold into the country.
They specify the quantity of supply of gold for regulated establishments. These include companies operating refineries and recycling gold products inside and outside the country.
These come under the precious metals and gemstones trade sector, which is classified as a Designated Non-Financial Business and Professions.
Regulated business establishments must comply with the Regulations and implement them in their policies and procedures.
They also have to de-risk the possibility of financial crime in their relations with their suppliers and communicate with the supervisory authority to determine what measures are being taken concerning the responsible supply of gold from conflict-affected and high-risk areas.
In addition, affected entities should create an effective governance system, monitor risk assessment in the supply chain, mitigate identified risks, ensure independent third-party reviews, and provide periodic reports.
They have been drafted in line with guidance from the Organisation for Economic Co-operation and Development and its corresponding protocol for gold.
They will come into force in January next year.
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