UAE to Make Annual Gold Refinery Audits Mandatory

SEATTLE (Scrap Monster): The government of the United Arab Emirates (UAE) ordered that all gold refineries in the country are required to undergo annual audits in order to ensure responsible supply of gold. The move is aimed at combating illegal trade of the yellow metal in the country, which is a major hub of gold trading.

Commenting on the government move, industry experts pointed out that it may likely raise standards within the country. However, the flow of illegal gold may be shifted to other countries in the African continent, especially on account of growing number of gold refineries in that region.

The decision by the UAE government follows requests from various organizations including the Financial Action Task Force (FATF). It must be noted that surveys carried out in 2019 had revealed that smuggled gold from African region worth billions of dollars had entered the UAE gold market.

A detailed announcement to this effect is expected during the precious metals industry conference to be held in Dubai later this month. Meantime, the UAE Economy Ministry, in its statement, said that all gold refiners in the country will have to strictly adhere to the responsible sourcing obligations. Moreover, annual compliance audits will be made mandatory, he added.

YOU MAY ALSO BE INTERESTED IN:

PNG to Set Up First Gold Refinery and Mint Project

LBMA Freezed Accreditation of Krygyz Gold Project