Today: 1 June 2025
5 June 2023
2 mins read

UAE raises awareness on reporting suspicious transactions

The Ministry’s team highlighted the risks associated with gold trade and the means to avoid them…reports Asian Lite News

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.

ALSO READ: Study projects UAE exports to reach Dh2tn by 2030

Previous Story

Al Ain Zoo marks World Environment Day

Next Story

UAE Ministers, Top Diplomats, Stars Attend Marriage at Lulu Family

Latest from -Top News

UAE aid for Gaza in global focus

Titled Hope Remains, the documentary brings to light the UAE’s leading role in providing vital aid and support to the people of Gaza. The International Humanitarian and Philanthropic Council has released a

Syria, Israel begin quiet talks

The announcement came just hours after Israeli warplanes reportedly carried out new airstrikes in Syria’s coastal provinces of Tartus and Latakia, hitting a range of military targets. Syria has confirmed the commencement

Gaza truce deal hits new snag

US says Hamas’ reply to the ceasefire plan was “totally unacceptable” and accused the Palestinian group of dragging the negotiations backward. The latest attempt to broker a ceasefire in Gaza has hit

IAEA flags Iran enrichment spike

The International Atomic Energy Agency (IAEA), in two separate but related reports, said Iran has boosted its uranium stockpile enriched up to 60% purity by nearly 50% since February. Iran has vehemently

World needs Dubai’s ambition: Morgan

Piers Morgan has hailed Dubai’s transformation as an example of what visionary leadership can achieve. British broadcaster Piers Morgan has praised the extraordinary ambition and vision of His Highness Sheikh Mohammed bin
Go toTop

Don't Miss

MBZ invites Turkmen Prez for UAE visit

The President of Turkmenistan, Serdar Berdimuhamedow, has received a written

Prerana an inspiration for people of determination

India Pavilion at Expo 2020 Dubai celebrated International Day of