The UAE is bringing in new rules related to the sourcing of gold into the country, further cutting down any gaps that existed. The laws come into full effect January next.
The regulations - brought out by the Ministry of Economy - specify the quantity of supply of gold for regulated establishments. These include companies operating refineries and the recycling of gold products inside and outside the country. These come under the precious metals and gemstones trade sector, which is classified as DNFBP (Designated Non-Financial Business and Professions).
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#UAEnews #gold #uaegold
The regulations - brought out by the Ministry of Economy - specify the quantity of supply of gold for regulated establishments. These include companies operating refineries and the recycling of gold products inside and outside the country. These come under the precious metals and gemstones trade sector, which is classified as DNFBP (Designated Non-Financial Business and Professions).
Read the full story here: https://gulfnews.com/business/markets/on-gold-imports-uae-to-bring-tough-rules-on-sourcing-1.1658395118773
See more videos at https://gulfnews.com/videos
Read more Gulf News stories here: https://bit.ly/2HLJ2km
Subscribe to Gulf News on YouTube and watch more of our videos: https://www.youtube.com/user/GulfNewsTV
#UAEnews #gold #uaegold
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NewsTranscript
00:00The Ministry of Economy is a supervisory body for designated non-financial professions and
00:07business.
00:08These sectors have special obligations, similar to financial institutions, to implement anti-money
00:17laundry and terrorist financing compacting.
00:22The new policy is focusing on dealers, on precious metals and precious stones, to implement
00:28particularly for refineries.
00:33We have around 28 refineries in UAE and they will have the obligation to implement this
00:40new policy.
00:42The new policy is talking about having the enhanced due diligence for the responsible
00:51sourcing of gold.
00:53These companies need to hire a compliance officer.
00:58This compliance officer will be responsible to implement all the procedures mentioned
01:04in this policy.
01:05He has to input internal policies, he has to train the staff within the company, he
01:14has also to do the due diligence and the KYC or Know Your Customer procedures.
01:24He has to know the exact source of the gold and make sure it is not from conflict zones
01:32or high-risk countries.
01:34This policy also makes an obligation to these refineries to hire third-party auditors to
01:43do a specific kind of auditing to make sure that all these procedures are implemented
01:51and also to provide a report on annual basis to the Ministry of Economy.
01:57And also from the Ministry of Economy, we are the supervisory body and we will conduct
02:04on-site inspections and off-site inspections to make sure that all these requirements are
02:11fulfilled and the company is compliant.
02:13Non-compliant companies will be also fined.
02:17There are specified penalties starting from 50,000 to 5 million and it will be depending
02:27on the size of these breaches.
02:31The penalty will be identified later on with a specific methodology within the Ministry.
02:41For more information, visit www.fema.gov