The Ministry of Foreign Trade has issued a statement regarding the regulations and policies governing the gold sector in the United Arab Emirates in light of recent reports on gold imports from Sudan. The statement reads as follows: The UAE is the second-largest center for gold trade in the world and therefore imports gold from exporting countries across all continents. Over the past five years, it has established an effective regulatory framework to enhance the security, integrity, and transparency of all gold transactions. This includes mandatory measures for anti-money laundering and customer due diligence, annual audits, and comprehensive application at all points of entry that fully complies with and sometimes exceeds our regulatory procedures. Furthermore, the measures align with the Organisation for Economic Co-operation and Development (OECD) guidelines for due diligence on responsible mineral supply chains from conflict-affected and high-risk areas. They also meet the standards of the world's leading gold trading hubs. The relevant authorities have set regulatory standards that strictly require gold refineries and precious metal traders to conduct enhanced due diligence both on-site and off-site before adding any supplier operating in or importing from conflict-affected and high-risk areas. This risk-based approach, coupled with stringent regulatory oversight and comprehensive training, has effectively mitigated the risk of conflict-affected gold entering the legitimate supply chain and has strengthened the integrity of the UAE's precious metals market. Collectively, these measures have enabled us to earn the trust of exporters worldwide, who recognize the stability and scope of our gold sector. It should be noted that in 2024, the total value of gold that passed through the UAE amounted to $186 billion, of which only $1.97 billion came from Sudan, representing 1.06%, or less than 0.4% of the GDP. Within the framework of the international gold community's trust in the UAE market and the effectiveness of the applied regulatory framework, as well as a strong commitment to maintaining the integrity of gold trade, the relevant authorities in this sector will continue to work in partnership with international organizations to ensure our enforcement and reporting practices meet the highest international standards.
