The Ministry of Foreign Affairs of the United Arab Emirates (UAE) has issued a statement on the regulations and policies governing the UAE’s gold sector, in response to recent media reports about the import of gold from Sudan.
„The UAE is the second largest gold trading hub in the world and as such imports gold from countries on every continent. Over the past five years, we have developed a solid regulatory framework to maximize the security, integrity and transparency of every gold transaction. This includes mandatory anti-money laundering and know-your-customer protocols, annual audits and full enforcement of border regulations.
Our procedures are fully compliant with the Organisation for Economic Co-operation and Development (OECD) recommendations for responsible supply chains of minerals from conflict-affected and high-risk areas (CAHRAs) - and are in line with the world's leading gold trading centres.
The relevant authorities have set regulatory standards that require gold processors and precious metals traders to strictly adhere to enhanced due diligence — on-site and remotely - before involving suppliers operating in or sourcing from conflict-affected areas.
Our risk-based approach, combined with rigorous oversight and supported by an extensive training program, has effectively reduced the risk of conflict-related gold entering the legal supply chain and strengthened the credibility of the UAE precious metals market.
These measures have allowed us to gain the trust of exporters around the world, who recognize the stability and broad reach of our gold sector. It is worth noting that in 2024, the combined value of gold transiting the UAE was USD 186 billion, and the value from Sudan — USD 1.97 billion, which is 1.06% of the total value and does not exceed 0.4% of the gross domestic product (GDP).
In view of the global gold community's confidence in the UAE market, the effectiveness of our regulatory framework and our strong commitment to the integrity of the gold trade, the responsible entities in this sector will continue to cooperate with global authorities to ensure that our implementation and reporting practices meet the highest international standards.“