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DMCC and AML/CFT support framework revisions for hand carry gold

18 march 2021
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                                            Image credit: DMCC



DMCC-led industry roundtable of more than fifty government and private sector stakeholders have concluded that the Dubai Multi Commodity Centre (DMCC) and the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) will continue to work with industry stakeholders to tighten and improve regulation for hand carry gold by air, says a press release from DMCC.
During the meeting, leaders from the aviation, security, commodities, mining, logistics and jewellery industries, as well as government and law enforcement officials provided feedback on the challenges presented by hand-carry gold, and possible solutions that would help to raise industry standards on a global scale.
Speaking on behalf of DMCC, Executive Chairman and Chief Executive Officer, Ahmed Bin Sulayem commented, “We cannot wait for the major centres to solve these issues. It’s a global issue in which we are all involved, so we have to take these matters seriously and understand that the task ahead is not impossible. Let it be known that any resistance to positive industry reforms will not come from Dubai or the UAE and that any encountered will be flagged and investigated.”
In a statement released by The Executive Office, Director-General, Hamid Al-Zaabi stated, "DMCC’s roundtable not only consolidated the challenges that hand-carry gold poses, but also a wide range of solutions. As we continue to develop, and eventually implement our federal policies on gold, we look forward to working with DMCC and other industry leaders to provide a clear framework, which can eventually be extended to the international community.”

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished