To fight against money laundering, the Ministry of Economy is keeping a close eye on businesses to enforce regulations and foster a conducive atmosphere for commerce and investment. The Ministry is responsible for overseeing non-financial businesses and professions to guarantee the highest standards of compliance with anti-money laundering and counter-terrorist financing laws in the UAE.
In a recent social media update, the Ministry of Economy disclosed several significant violations by gold refineries. Abdullah Al Saleh, Undersecretary of the Ministry of Economy, affirmed that the implementation of the due diligence policy for responsible gold supply chains strengthens the ministry's authority in managing the gold sector and the trade and production of precious metals in the UAE.
