Abdulla bin Touq, Minister of Economy and Tourism, has announced measures to crack down on gold being traded for money laundering and financing terrorism.
His announcement came as he toured Dubai Gold Souq to ensure merchants were complying with the law.
The minister said a new federal policy for the gold sector has been introduced, along with the UAE Good Delivery Standard for Gold and the establishment of the Emirates Bullion Market Committee.
The UAE has made significant strides in policing the gold sector, Mr bin Touq said, including introducing regulatory measures.
During the tour, the minister and merchants discussed compliance and application of rules around the trade.
“We continue to intensify national efforts and unify action among the various teams and relevant stakeholders to address all operational challenges faced by traders,” he said.
“These efforts enhance the efficiency and resilience of the national ecosystem and support the sustainability of compliance with relevant international standards.”
Mr bin Touq also met members of the Dubai Gold and Jewellery Group and companies involved in the sector.
The UAE is a key hub for gold. The total value of gold traded across the country’s markets reached about Dh683 billion ($186 billion) in 2024, reflecting the scale of the sector, the ministry said in a statement on Wednesday.
