UAE has delisted Emirates Gold Refinery from carrying out business related to Gold and other Precious metals trading, refining and any other services that they have offering to the trade sector. ‘Emirates Gold Refinery’ has been in business over 3 decades and has arguably flouted ‘responsible sourcing’ rules prescribed by the UAE Good Delivery Standard.

Responsible Sourcing rules are set by the government of UAE to streamline the Gold and refinery Business in the country. Stringent Laws to control “Anti Money laundering” and “Responsible Sourcing” have upheld the Gold sector of Dubai, UAE. UAE unveiled the “Good Delivery Standard in the year 2021 and is proactively working on implementing Anti Money Laundering Laws to fish out black sheeps from the sector.

UAE has imposed fines of more than 115 Million DHS in the first quarter of the year portraying the seriousness with which it is looking at the structuring and ethicality in the Gold Business. According to a source, “Regular businesses must comply and enforce new provisions and these include recycling of gold products inside and outside UAE. The rules, source added, require companies to take necessary steps and adapt their policies and procedures to prevent misuse of Gold imports in Money Laundering and other financial misappropriations. The guidelines also require companies to hire in-house officer to handle compliance related tasks and take direct responsibility related to due diligence.