UAE to introduce new gold import rules with up to $1.36m in fines for businesses in breach
The UAE will introduce 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 guidelines were announced by the Ministry of Economy on Thursday and are the latest in a series of initiatives by the Emirates to enhance oversight of the trade and circulation of gold in line with international standards.
The new policy, which governs the responsible sourcing of gold by precious metal importers and refiners, aims to consolidate the UAE’s position as a leading global centre for bullion.
Those found in breach of the regulations face fines in the range of Dh50,000 to Dh5 million ($13,623 to $1.36m).
Regulated businesses must comply and enforce the new provisions. These include companies operating refineries and the recycling of gold products inside and outside the country.
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