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New laws imposed on gold imports

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Uae: New laws imposed on gold imports!! Fines have also been imposed on the violators. These fines can be upto Dh 5 million as well. However, this new policy will be effected from January 23.

The Ministry of Economy of UAE made the announcement on Thursday. According to the announcement, a new policy is imposed that requires proper monitoring of the sourcing of gold importers. Also, the violators as well as refiners will have to face a penalty. The authorities also added to their statement that the penalty can be upto Dh5 million.

However, these new regulations will be applicable for the companies related to the field of gold refining, precious metals and gemstones trade sector, recycling of gold products inside and outside the country. The companies and sectors mentioned should be classified as DNFBPs which is the designated non-financial business and professionals.

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New laws imposed on gold imports: Safeya Hashim Al Safi

Safeya Hashim Al Safi is the director of the Anti-Money Laundering Department in the Ministry of Economy. Safi made announcement about the new laws imposed on gold imports. According to her, the new law will be applied to the importers, refineries of gold and the comanies dealing with scrap gold as well as gold mining. She also said that the new policy will be applied to the companies that are situated in the UAE mainland. Also, the free zones will be a part of the new law imposed. These free zones are included to implement the AML/CFT that is the Anti-Money Laundering and Combating the Financing of Terrorism regime.

The new laws imposed on gold imports will come into force from Januray 2023. The policy will work in accordance with the gold protocols issued by the Organisation for Economic Co-operation and Development (OECD). The main motive of imposing such a law is to make it transparent from where the gold is beign sourced from.

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