The UAE has suspended one of its biggest gold refineries, Emirates Gold DMCC, from its approved “good delivery list”, a certification scheme that sets responsible sourcing rules.
The suspension of Dubai-based Emirates Gold, which has been operating for 30 years, is temporary and was effective from July 7, the government website showed on Friday.
The country unveiled the UAE Good Delivery Standard for gold in November 2021, a voluntary national standard for the sector to establish a framework that favours ideal specifications.
Refiners must meet anti-money laundering and responsible sourcing standards to be included on the list, that grants them access to the nation’s gold market.
On Friday, the London Bullion Market Association, which regulates the world’s largest gold trading hub, followed and suspended Emirates Gold's affiliate membership, citing a recent “due diligence review”.
“As the independent authority for precious metals, LBMA sets standards and upholds trust in the global market,” the regulator said.
“Our rules are an essential part of this function. It is a condition of continued LBMA membership that these rules and obligations are accepted and observed. We, therefore, take very seriously any breaches of the rules.”
Emirates Gold, which was established by Swiss citizen Mohamad Shakarchi, changed ownership in 2022, a year after his death.
The UAE is proactively working to implement a Financial Action Task Force action plan to strengthen the effectiveness of its anti-money laundering and counter-terrorism financing regime, the Paris-based body said.
The Emirates has made considerable efforts to shore up its anti-money laundering regime and combat the financing of terrorism.
In 2021, it founded an Executive Office for Anti-Money Laundering and Counter-Terrorism Financing after passing an anti-money laundering and terrorism financing law in 2018.
The UAE issued fines of more than Dh115 million ($31.3 million) in the first quarter of the year to combat money laundering. This is a sharp increase from the Dh76 million issued last year.
News agency Wam reported that 161 fines were handed out to 76 entities in the first three months of this year. Confiscations have also increased, with frozen assets surpassing Dh925 million in value seized from November 2022 to February 2023.
In January, the UAE introduced a new set of regulations on gold imports in line with international rules that seek to thwart money laundering and the financing of terrorism and illegal organisations.
The new policy governs the responsible sourcing of gold by precious metal importers and refiners. Those found in breach of the regulations face fines in the range of Dh50,000 to Dh5 million ($13,623 to $1.36 million).
Regulated businesses must comply and enforce the new provisions. These include companies operating refineries and involved in the recycling of gold products inside and outside the country.
The initiative includes the establishment of the Emirates Gold Bullion Committee to unify national efforts to enhance oversight of the sector, with the participation of private companies, and the setting up of a federal platform for gold trading.
The regulations specify the affected entities, which include companies involved in refining and recycling gold products inside and outside the country, businesses falling under the precious metals and gemstones trade sectors, and those labelled as designated non-financial businesses or professions.
The rules require these companies to take the necessary steps and adapt their policies and procedures to prevent the misuse of gold imports in money laundering or other financial crimes.
The regulations state that import centres must comply with a number of risk management policies when supplying gold from conflict-affected and high-risk areas by following a five-step framework.
The framework stipulates the establishment of an effective governance system, provides for risk assessment within the supply chain, mitigates identified risks, allows for independent third-party reviews and calls for periodic reporting.
The guidelines require the hiring of an in-house officer to handle compliance tasks, taking direct responsibility for due diligence.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The National in Davos
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