UAE Gold Refineries Enforced to Submit Audited Reports by Q1 2024

Raghunath T, Director

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    In a significant move to enhance transparency and accountability in the gold industry, the United Arab Emirates (UAE) has mandated that all gold refineries operating within its borders bring external auditors on board starting January 2024. This initiative aims to fortify responsible sourcing practices and ensure compliance with international standards, further solidifying the UAE’s position as a global leader in the gold trade.

    Mandatory Audits and Risk Evaluation

    From January 2024, every gold refinery in the UAE is obligated to enlist external approved auditors. These auditors will play a crucial role in evaluating the risk management frameworks employed by the refiners. The findings of these audits will be compiled into comprehensive reports, which must be submitted to the Ministry of Economy by March of the following year.

    Responsible Sourcing Regulations

    Underlining the commitment to responsible sourcing, all licensed refineries, whether situated in the mainland or free zones, are required to adhere strictly to regulations set by the Ministry of Economy. The ministry conducts thorough onsite and offsite visits to ensure compliance. Additionally, it scrutinizes the due diligence measures implemented by companies in vetting their customers and suppliers.

    Due Diligence Measures for AML/CFT Risks

    Gold refining companies are now mandated to conduct due diligence on their customers and suppliers, collecting a comprehensive set of data to identify Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) risks. The Ministry of Economy emphasizes the need for companies to adopt effective measures to assess and control transactions, shipping, and associated documents.

    Protecting Industry Interests

    The implementation of due diligence regulations for responsible gold supply is aimed at safeguarding the interests of companies engaged in such activities. By adhering to these regulations, companies can avoid penalties and administrative sanctions resulting from non-compliance with the UAE’s AML/CFT legislation. These regulations empower companies to identify and mitigate risks within their supply chains, underscoring the importance of arranging independent third-party audits for due diligence.

    UAE’s Commitment to International Standards

    These regulations are the latest in a series of initiatives and policies launched by the UAE government to develop and govern the gold trade in alignment with international standards. The goal is to solidify the UAE’s position as a leading global hub in the gold trade, attracting international businesses and ensuring a sustainable and transparent gold industry.

    Conclusion

    As the UAE takes bold steps to fortify the integrity of its gold industry, the mandatory audits and responsible sourcing regulations mark a pivotal moment in the country’s commitment to international standards. By prioritizing transparency, due diligence, and risk management, the UAE is poised to maintain its leadership in the global gold trade, setting an example for responsible and sustainable business practices in the precious metals industry.

     

     

     

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