The United Arab Emirates (UAE) has intensified its efforts to combat money laundering in the gold trade through high-level inspections and new regulatory initiatives. This move underscores Dubai’s role as a global gold hub amid upcoming international reviews.
Minister’s Inspection Tour
Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, conducted an inspection tour of Dubai’s Gold Souq on May 12, 2026, to evaluate compliance with anti-money laundering (AML), counter-terrorism financing (CFT), and counter-proliferation financing (CPF) standards. The visit involved meetings with traders, including Tawhid Abdullah, CEO of Jawhara Jewellers, focusing on practical application of regulations, transparency, and addressing operational challenges. “We want to make sure that the gold and jewellery market has the highest level of compliance,” the minister stated, emphasizing zero tolerance for illicit activities.
Key Regulatory Framework
The gold sector operates as a Designated Non-Financial Business and Profession (DNFBP) under Federal Decree-Law No. 20 of 2018 and Cabinet Decision No. 10 of 2019, supervised by the Ministry of Economy. Dealers in Precious Metals and Stones (DPMS) must perform customer due diligence (CDD) for transactions over AED 55,000 ($15,000), including identity verification, source of funds checks, and enhanced due diligence (EDD) for high-risk clients. Compliance requires appointing an AML officer, risk-based policies, transaction monitoring, and filing Dealers in Precious Metals and Stones Reports (DPMSR) via the goAML portal within two weeks.
Recent Initiatives and Standards
New measures include a comprehensive federal gold policy, the UAE Good Delivery Standard for Gold, and the Emirates Bullion Market Committee to enhance oversight. A national trader database and federal gold trading platform support due diligence for responsible sourcing, aligned with OECD guidelines, mandating supply chain risk assessments and annual third-party audits from January 2023. The Ministry launched an AML task force for jewellers and conducted workshops ahead of the Financial Action Task Force (FATF) review in June 2026, following UAE’s 2024 grey list removal.
Gold Sector’s Economic Significance
UAE gold trade hit AED 683 billion ($186 billion) in 2024, with 6,213 companies and 53 licensed refineries fueling Dubai’s status as a top global hub. The Dubai Gold Souq, a historic landmark, exemplifies the sector’s vibrancy, but its cash-heavy nature attracts money laundering risks from conflict zones and high-risk jurisdictions. Past actions, like shutting 32 refineries for AML violations, signal sustained enforcement.
Compliance Requirements for Businesses
DPMS entities must screen against sanctions, retain records for five years, train staff on red flags like transaction structuring, and report suspicious activities to the UAE Financial Intelligence Unit (FIU). Circular No. 08/AML/2021 mandates DPMSR for qualifying trades, while responsible sourcing follows a five-step OECD framework: management systems, risk assessment, mitigation strategies, audits, and reporting. Non-compliance risks penalties under AML laws, with the Ministry providing training for adherence.
International Alignment and Challenges
These reinforcements align UAE with FATF standards, building on its National Action Plan and post-grey list progress. Challenges include geographic risks and “dirty gold” from illicit sources, prompting stricter import disclosures and supplier audits. Industry leaders praised the collaborative approach during the tour, aiming to boost trust and competitiveness.
Future Outlook
The UAE aims to maintain its gold trade leadership through robust AML/CFT frameworks, with ongoing inspections and task forces ensuring resilience against financial crimes. As global scrutiny intensifies, these steps position the Emirates as a benchmark for responsible gold trading. Stakeholders anticipate smoother operations via digital tools like goAML and the trader database.