MoE raises awareness on need to report suspicious transactions

June 04, 2023 / 4:27 PM
Sharjah 24 – WAM: The Ministry of Economy, represented by the Department of Anti-Money Laundering, organised two workshops, in Arabic and English, to promote the awareness of traders and business owners in the gold and precious stones sector on the reporting of suspicious transactions to ensure the quality of these products when presented to the Financial Intelligence Unit (FIU).
This contributes to enhancing the competitiveness of the gold sector and its further development in line with international best practices.

The workshops addressed specific topics, such as the types of suspicious transaction reports (STR), requirements for reporting, and the warning signs that must be taken into consideration while submitting the reports through the FIU’s reporting system.

Abdullah Sultan Al Fan Al Shamsi, Assistant Under-Secretary for the Monitoring and Follow-Up Sector at the Ministry of Economy, said, “The Ministry, in collaboration with its government and private sector partners, is working diligently and continuously to support the development of an integrated gold trade ecosystem in the country. The hosting of the awareness workshops for traders and enterprises in the gold and precious stones sector forms part of the Ministry’s efforts to ensure the highest levels of compliance in this vital sector. It will help solidify the UAE’s position as a key player in the supply chains and global gold trade.”

The Ministry’s team highlighted the risks associated with gold trade and the means to avoid them, as well as the significance of gold sector companies’ full compliance with the AML/CFT national legislation. It is key to meeting the requirements issued by the Financial Action Task Force (FATF).

The gold, gemstones, and precious metals sector belongs to the Designated Non-Financial Businesses and Professions (DNFBP), supervised by the Ministry of Economy at the national and free zones levels, to combat money laundering and terrorism financing. The Ministry has developed a solid regulatory framework and offers a safe environment for the DNFBP sector to operate in line with international best practices. These efforts have led to the establishment of an attractive climate for business and investment in various sectors, thus building a future economic model based on flexibility and sustainability.

June 04, 2023 / 4:27 PM

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