What are the Due Diligence Regulations for Responsible Sourcing of Gold in the UAE?
The Due Diligence Regulations for Responsible Sourcing of Gold require gold refiners and controlled entities to identify and mitigate the risk of sourcing gold linked to money laundering, conflict, or human rights abuse. They form part of the wider AML/CFT obligations of the precious metals sector and follow the five-step framework of the OECD Due Diligence Guidance for responsible mineral supply chains.
In practice this means establishing a strong management system, identifying and assessing supply chain risks, designing a strategy to respond to those risks, arranging independent third-party audits of sourcing practices, and reporting on due diligence annually. Controlled companies must appoint a compliance officer accountable to senior management and submit their supply chain audit reports to the Ministry each year.
Legal Reference (UAE):
· Ministerial Decree No. 68 of 2024 on Responsible Sourcing of Gold, Article 1 - obliges gold refiners and supply chain entities to adopt the OECD-based five-step due diligence procedures.
· Ministerial Decree No. 68 of 2024, Article 2 - requires accredited reviewers to conduct independent audits of responsible sourcing due diligence.
For more details, consult the Ministry of Economy responsible sourcing regulations or seek guidance from your AML compliance officer.
MoET Supplemental Guidance for Dealers in Precious Metals and Stones