UAE says it will embed gold sourcing rules in anti-money laundering law | Reuters
The United Arab Emirates said it would embed in anti-money laundering regulation requirements that gold refineries source from responsible suppliers and undergo annual audits to ensure they are doing so.
The move is part of efforts by the UAE, one of the world's main gold trade hubs, to crack down on trading of bullion linked to crime, human rights abuses or conflict.
A Reuters investigation in 2019 found UAE had taken in gold worth billions of dollars smuggled from Africa. The country is under pressure from organisations including the Financial Action Task Force (FATF), an intergovernmental anti-money laundering monitor, to tighten rules and enforcement.
UAE has said doing so is a national priority. read more
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