UAE Minister Inspects Dubai Gold Souk to Tighten AML Compliance and Boost Transparency
UAE minister inspects Dubai Gold Souk to assess trader compliance with AML/CFT rules and new federal gold policies, reinforcing transparency across 6,213 firms.
Minister inspects compliance at Dubai Gold Souk
Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism, carried out an extended field visit to the Dubai Gold Souk to review trader adherence to sector regulations and anti-money laundering controls. The minister specifically examined compliance with AML/CFT provisions and measures to prevent financing of proliferation, noting the gold sector is a designated non-financial business supervised by the ministry.
During the inspection, officials engaged directly with shop owners and market operators to observe transactional practices and record-keeping standards. The visit sought to confirm that existing policies are being implemented effectively across retail and wholesale activities in the souk.
Federal standards and new delivery benchmark
The ministry has rolled out a comprehensive federal policy for the gold sector that aligns with the national risk assessment and FATF recommendations. Key elements include the launch of the Emirates Good Delivery Standard and the establishment of a committee to oversee the UAE bullion market.
Authorities have also developed a national database of traders and a federal trading platform to increase traceability and market oversight. In tandem with these measures, the government introduced due diligence rules for responsible gold sourcing to curb illicit flows and enhance supply chain transparency.
Trader feedback and operational challenges
During his tour, Minister Al Marri listened to traders’ observations on practical compliance challenges and operational bottlenecks affecting daily business. Shopkeepers highlighted needs related to streamlining checks, clarifying reporting obligations, and integrating new digital tools without disrupting sales operations.
The ministry indicated it will continue coordinating with market participants to refine procedures, reduce friction, and provide technical guidance. Officials emphasized that addressing these operational issues is essential to preserving market efficiency while maintaining stringent controls.
Engagement with industry groups and major firms
The minister convened a meeting with representatives from the Dubai Jewellery Group and senior executives from leading companies in the precious metals and gemstones sector. The session focused on enhancing cooperation between the public and private sectors to elevate compliance with AML/CFT obligations.
Participants exchanged views on implementing the federal measures, including the national trading platform and trader database, and discussed how industry best practices can be standardized across the supply chain. The ministry affirmed its commitment to ongoing dialogue and targeted support for firms adapting to the new regulatory framework.
Market scale and global positioning of the UAE gold sector
UAE authorities highlighted the country’s standing as the second-largest global hub for gold trading, a position underpinned by robust regulatory enhancements and a competitive business environment. The sector currently comprises 6,213 registered companies and 53 licensed gold refineries, reflecting significant industry depth and processing capacity.
Officials noted that continued regulatory upgrades have strengthened the UAE’s international reputation and investor confidence. The combination of licensing, technical standards, and market surveillance is intended to sustain the Emirati gold market’s competitiveness while meeting international norms.
Technical support and capacity building initiatives
The Ministry of Economy and Tourism has provided technical assistance and training to firms and responsible officers across the gold and jewellery industry. These programs aim to improve understanding of the new policies and to equip businesses with the tools required for proper implementation of compliance procedures.
Training efforts emphasize risk-based due diligence, record-keeping, and the practical application of the Emirates Good Delivery Standard. The ministry said it will intensify capacity-building work to ensure that small and medium enterprises receive the same level of support as larger market players.
A final focus of the ministry’s plan is to maintain coordinated enforcement and supervisory work across government agencies while continuing to refine regulatory instruments based on market feedback. The objective is to strike an effective balance between rigorous controls and a business-friendly operating environment that sustains the UAE’s role as a global gold trading centre.
